The Dow Jones rose by 0.41% after labor data
Wall Street closed in mixed terrain this Thursday, and its main indicator, the Dow Jones, rose by 0.41%. The day was marked by better than expected data on the labor market and sales in the technology sector.
At the close of the New York Stock Exchange session, the Dow Jones added 141.59 points to 34,464.64. At the same time, the selective S&P 500 rose by a slight 0.12% or 4.89 points, to 4,200.88.
The Nasdaq composite index, which lists the leading technology companies, was almost flat with a drop of 0.01% or 1.72 points, to 13,736.28.
By sectors, the gains of industrial (1.37%), financial (1.19%), and basic materials (0.74%) companies stood out.
The technology sector lost 0.53%, weighed down by big names like Alphabet (-1.27%), Apple (-1.24%), or Microsoft (-0.87%).
The New York stock market operated optimistically for the economic recovery from the Covid-19 crisis in the US.
Requests for unemployment benefits sank to the lowest number in the US
Applications for unemployment benefits fell last week to 406,000. It’s the lowest number in the country since the beginning of the pandemic.
In addition, the US Bureau of Economic Analysis left its estimate of first-quarter GDP growth unchanged, which was 1.6%.
This week Wall Street has remained relatively stable as fears of rising inflation dissipated, given the insistence of the Federal Reserve that it will maintain its monetary policy.
In addition, the trading volume is being lower than usual for the long weekend of Memorial Day. This holiday is celebrated the following Monday and is a reason for the market to close.
Mark Hackett, an analyst at Nationwide Financial, states that stock markets are quiet as investors continue to anticipate the next step of the Fed. Low volatility and low trading volume frequently occur in the week leading up to a holiday.
In the group of 30 listed on the Dow Jones, the most significant progress was for Boeing (3.87%), followed by Honeywell (3.12%), Walgreens (1.98%), and JPMorgan (1.56%).
Outside of that group, Ford rose for the second day in a row today by 7%, following its heavy investment in electric vehicles announced on Wednesday.
Some favorite stocks on internet forums, which suffered volatility at the beginning of the year, saw notable gains today. AMC soared by 35%, and GameStop raised by almost 5%.
