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News Topical, Digital Desk : Share Market News: The boom continued on Wall Street on Friday as well. During this time, the S&P 500 and Nasdaq made a big leap and touched their highest level ever. Trade talks and possible reduction in Fed rates are considered to be important contributors to this boom.
However, US President Donald Trump has ended trade talks with Canada in response to digital tax on tech companies. Due to this, stocks had to face a decline. But despite this, all three major US stock indexes recorded a weekly increase. During this period, the blue-chip Dow remained 2.7% below its record level on December 4.
How much increase in which index? The Dow Jones Industrial Average rose 432.43 points (1%) to 43,819.27, the S&P 500, 32.05 points (0.52%) to 6,173.07 and the Nasdaq Composite rose 105.55 points (0.52%) to 20,273.46.
Which stocks saw a rise Out of the 11 major sectors of the S&P 500, consumer sector stocks saw the highest increase, while energy stocks faced a decline. During this period, Nvidia shares have registered a rise of 1.8%. With this, the company's market cap has reached close to 4 trillion. Meanwhile, Nike's shares have seen a tremendous jump of 15.2%. Let us tell you that 2,111 stocks on the Nasdaq have registered an increase, while 2,342 have registered a decline. The S&P 500 recorded 35 new 52-week highs and 6 new lows, while the Nasdaq Composite recorded 101 new highs and 68 new lows. Apart from this, 347 new highs and 55 new lows were recorded on the New York Stock Exchange (NYSE).
These factors played an important role According to a report by the University of Michigan, consumer sentiment has improved this month, but it is much lower than since the December election. On the other hand, financial markets have projected a 76% probability that the Fed will cut its rates in September, while according to CME's Fedwatch tool, the probability of a rate cut in July is 19% lower.
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