The main indices on Wall Street ended the last session of the week on the risewith investors encouraged by the latest economic datawhich demonstrated robust economic activity in the world’s largest economy.
An indicator of business activity reached highs of more than two years in Novemberriding on the expectations of lower interest rates e “business friendly” policies under the administration of newly elected President Donald Trump.
The S&P 500 rose 0.35% to 5,969.34 points, while the Nasdaq Composite added 0.16% to 19,003.65 points. The Dow Jones increased by 0.97% to 44,296.51 points – the highest closing value ever. The global benchmark and the industrial Dow Jones both reached highs of the week this Friday.
The index of small domestic companies, the “small caps”, the Russell 2000 gained 1.65% e overcame the movement of “big caps”, reaching highs of more than a week and a weekly increase of more than 4%.
Among the main market movements, Gap soared 12.84% to $24.87, after the owner of Old Navy had revised upwards sales forecasts for the fourth quarter of the year, stating that the Christmas season “started with a bang”. The owner of TurboTax, Intuit, lost 5.68% to $640.12after having projected a level of sales and profits for the company’s second fiscal quarter lower than analysts’ expectations.
With bitcoin continuing to break records, but still unable to surpass the US$100,000 barrier, companies in the cryptoactive sector recorded a positive performance. Coinbase rose 3.19%, MARA Holdings jumped 7.65%, while MicroStrategy advanced 6.19%.
Among the “megacaps” – companies with the largest market capitalization -, Alphabet continues to be pressured by the US Department of Justice’s suggestion of forcing the owner of Google to sell its Chrome browser – the most used in the world. After falling 4.56% in yesterday’s session, Alphabet fell 1.58%.
“Investors are abandon the previous sectors of communication services and technologyboth with companies with large market capitalization, and opting for other cyclical sectors consumer discretionary, industrial and financial securities, as well as securities mid and small cap“, Sam Stovall, chief strategist at CFRA Research, explained to CNBC.
“The drivers continue to be the traditional ‘rally’ at the end of the election year”, he added.
Source: www.jornaldenegocios.pt
