Exclusive Content:

Teadlased avastasid, mis aitab infarktist taastuda –...

Write a detailed and engaging article about Teadlased avastasid,...

Mason Capital Management señala los fallos de...

Write a detailed and engaging article about Mason Capital...

Dinas Kesehatan Labuhanbatu Gerakan Pengendalian Penyakit Prioritas...

Write a detailed and engaging article about Dinas Kesehatan...

August 16, 2024 Stock Market Update

U.S. stocks ended higher on Thursday, with the Dow recording its best week in a day, as robust retail sales and labor data signaled a resilient economy and helped ease recession worries. All three major indexes ended in positive territory.

How Did The Benchmarks Perform?

The Dow Jones Industrial Average (DJI) jumped 1.4% or 554.67 points, to finish at 40,563.06 points, posting its best daily percentage gain in a week.

The S&P 500 rose 1.6% or 88.01 points, to end at 5,543.22 points. Consumer discretionary, technology, and materials stocks were the best performers on the index.

The Consumer Discretionary Select Sector SPDR (XLY) gained 3.2%. The Technology Select Sector SPDR (XLK) rose 2.9%, while the Materials Select Sector SPDR (XLB) added 1.6%. Nine of the 11 sectors of the benchmark index ended in positive territory.

The tech-heavy Nasdaq climbed 2.3% or 401.89 points to close at 17,594.50 points.

The fear-gauge CBOE Volatility Index (VIX) was down 5.93% to 15.23. Advancers outnumbered decliners on the NYSE by a 3.22-to-1 ratio. On the Nasdaq, a 2.66-to-1 ratio favored advancing issues.

Retail Sales Data Ease Recession Worries

Wall Street has recovered strongly from the losses suffered earlier last week. Fresh economic data released over this week has been helping ease fears that the economy is slipping into a recession.

Investors have since regained confidence in the economy, which has seen stocks rally this week. The rally gained pace on Thursday following the release of a slew of fresh economic data.

The Commerce Department reported on Thursday that retail sales increased 1% in July after a downwardly revised 0.2% decline in June, and sharply higher than the consensus estimate of a rise of 0.3%.

The robust retail sales data further eased fears of an economic slowdown ignited by a jump in the unemployment rate last week.

The retail sales data came a day after data showed that the consumer price index (CPI) increased a meager 0.2% month over month in July and 2.9% from year-ago levels.

Positive data released this week has reassured investors betting that the Federal Reserve will start cutting rates in September.

Markets are now pricing in a 76.5% chance of a 25 basis-point rate cut in September, up from 65% before the release of the retail sales data, according to the Fed’s CME FedWatch Tool.

Tech stocks once again rallied on Thursday, with shares of Apple Inc. (AAPL) gaining 1.4%. Shares of NVIDIA Corporation (NVDA) jumped 4.1%. NVIDIA carries a Zacks Rank #2 (Buy).

Shares of NIKE, Inc. (NKE) jumped 5.1% after billionaire investor William Ackman acquired new stakes in the sportswear company.

Economic Data

The Labor Department reported that jobless claims totaled 227,000 for the week ending Aug 10, decreasing 7,000 from the previous week’s revised level of 234,000. The four-week moving average was 236,500, a decrease of 4,500 from the previous week’s revised average of 241,000.

Continuing claims came in at 1,864,000, a decrease of 7,000 from the previous week’s revised level of 1,871,000. The 4-week moving average was 1,862,000 an increase of 1,000 from the previous week’s revised average of 1,861,000.

In other economic data, U.S. industrial production declined 0.6% in July, sharply higher than the consensus estimate of a decline of 0.1%.

Overall, the positive economic data released this week has provided a boost to investor confidence and helped ease recession worries. The strong performance of U.S. stocks on Thursday reflects this renewed optimism in the economy.

Latest

Newsletter

Don't miss

India’s E-learning Market Expected to Reach $28.46 Billion by 2029, Surpassing Previous Projections

The e-learning market in India is experiencing significant growth,...

Kvíz: Zaujímavosti o tehotenstve – Kedy sa začína bijať srdce a kedy sa cíti prvé pohyby?

Pregnancy is a miraculous journey that brings about a...

Teadlased avastasid, mis aitab infarktist taastuda – Postimees

Write a detailed and engaging article about Teadlased avastasid, mis aitab infarktist taastuda  Postimees. The article should be structured with clear distinct paragraphs, each focusing...

Mason Capital Management señala los fallos de gobierno corporativo y la notoria destrucción de valor para el accionista causados por el Consejo de Administración...

Write a detailed and engaging article about Mason Capital Management señala los fallos de gobierno corporativo y la notoria destrucción de valor para el...

Dinas Kesehatan Labuhanbatu Gerakan Pengendalian Penyakit Prioritas Serta Kebugaran Jasmani – Realitas Online – realitasonline.id

Write a detailed and engaging article about Dinas Kesehatan Labuhanbatu Gerakan Pengendalian Penyakit Prioritas Serta Kebugaran Jasmani - Realitas Online  realitasonline.id. The article should be...