NY stock closed over 1% with energy and finance in the spotlight

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New York stock markets rose sharply on Thursday 23, yet benefited from a growing risk appetite in markets in general, though some fears remain about the plight of Chinese developer Evergrande. Local stocks had room for gains even amid some weak US data, with the energy and financial sectors gaining momentum.

The Dow Jones index rose 1.48% to 34,764.82 points, the S&P 500 rose 1.21% to 4,448.98 points and the Nasdaq rose 1.04% to 15,052.24.

Financial sector stocks were supported by pushing Treasury returns. Investors continued to assess yesterday’s decision by the Federal Reserve (Fed, US Central Bank), which maintained monetary policy but indicated that it may begin to reduce (“dilute”) its bond purchases in the coming months. Is. Citigroup gained 3.91%, Bank of America 3.86% and JPMorgan 3.38%.

In turn, oil gains helped the energy sector stand out. Chevron was up 2.52% and ExxonMobil was up 3.41%. Among other important stocks, Boeing rose 1.90%, helping the Dow Jones to stand out.

On the agenda for indicators, the number of jobless claims in the US rose to 351,000 last week, well above the 320,000 expected by analysts, while the overall Purchasing Managers Index (PMI) in the US retreated to 54.5 in early September. 12-month low as per IHS Markit. However, the data did not affect the stock exchanges negatively.

Following the majority movement, technology papers and communications services also showed gains, with Apple up 0.67% and Alphabet up 0.66%. TD Securities commented that riskier assets were in demand on Thursday with an assessment that the Fed maintained a “high bar” for raising US interest rates at its press conference yesterday.

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About the author: Sarah Gracie

"Proud social media buff. Unapologetic web scholar. Internet guru. Lifelong music junkie. Travel specialist."

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