New York Stock Exchange closes higher and indices hit records
While equity markets in the New York Stock Exchange followed a positive course, the S&P 500 and Nasdaq indices finished the day at record levels.
The New York Stock Exchange finished the day with gains, while the S&P 500 and Nasdaq indices closed at record levels. The Dow Jones index gained 0.49 percent, the S&P 500 index gained 0.58 percent, and the Nasdaq index gained 0.45 percent.
Closing Levels of the Indices
At the close, the Dow Jones index gained over 250 points to rise 0.49 percent to 51,521.28 points. The S&P 500 index rose 0.58 percent to 7,818.93 points, and the Nasdaq index increased 0.45 percent to 27,599.79 points, with both indices closing at record levels.
Course of Oil and Bond Yields
Oil prices declined, easing supply concerns as G7 nations released their strategic reserves to the market, and stabilized above 100 dollars during the day. Bond yields, which had risen in recent weeks due to high energy costs and inflation concerns, retreated slightly; the US 10-year Treasury yield traded at 5.28 percent, and the 30-year Treasury yield traded at 5.65 percent.
Increase in Technology Stocks
The rise in technology stocks supported the positive trend in the markets. Among chipmaker stocks, AMD gained 2.8 percent, Broadcom gained 3.7 percent, and Marvell Technology gained 5.8 percent. AMD Chief Executive Officer Lisa Su's plan to increase chip supply in 2027 amid growing demand for artificial intelligence supported this rise.
Fed Expectations and Officials' Statements
Employment data pointing to a cooling labor market reinforced expectations that the Fed will not raise interest rates this month. While expectations that the policy rate will be kept on hold stand at 80 percent in money markets, Kansas City Fed President Jeff Schmid stated that further steps need to be taken for inflation, and San Francisco Fed President Mary Daly stated that if the shocks triggering inflation prove temporary, additional rate hikes may not be necessary.
Foreign Trade Deficit Data
On the macroeconomic data front, the US foreign trade deficit increased by 13.7 percent on a monthly basis in August to reach 105.6 billion dollars, seeing its highest level in the last 17 months.