Published on Nov 22, 2023 at 10:35 p.m.
by Caroline Valetkevitch
NEW YORK, Nov 22 (Reuters) – The New York Stock Exchange ended higher on Wednesday as investors were optimistic that the U.S. Federal Reserve (Fed) has completed its cycle of monetary tightening aimed at controlling inflation , while the American economy continues to show its resilience.
The Dow Jones index gained 0.53%, or 184.74 points, to 35,273.03 points.
The broader S&P-500 gained 18.43 points, or 0.41%, to 4,556.62 points.
The Nasdaq Composite advanced 65.88 points (0.46%) to 14,265.86 points.
Wall Street’s major indexes have posted big gains in recent weeks, as the Fed once again kept interest rates unchanged following its latest monetary policy meeting and fueled hopes of an end to his raising campaign.
Published on Tuesday, the minutes of the Fed meeting of October 31-November 1 show that officials of the American central bank advocated a cautious approach to interest rates.
According to economic data released this Wednesday, the number of weekly jobless claims in the United States fell more than expected, while American consumers’ inflation expectations came out above expectations for a second month consecutive.
“There is overall a strong backdrop for the market,” said Quincy Krosby, chief strategist at LPL Financial in Charlotte, North Carolina.
“Despite concerns about the economy and consumer spending, the signals to the market are that it has viability in what is likely its most favorable season,” he said. she says.
She noted that stocks tend to rise before Thanksgiving and as the holiday season approaches. Wall Street will be closed on Thursday for Thanksgiving, a national holiday in the United States.
All major sectors of the S&P-500, with the exception of energy, ended the session in the green. While big tech stocks contributed to the S&P-500’s rise, communications services rose 0.9%.
On the values side, among the movements of note, Nvidia fell by 2.5% after having communicated the previous evening forecasts higher than expected for the current quarter but warned of the impact of American federal restrictions on its sales in China .
Deere & Co also ended down 3.1% following the announcement of a profit forecast for 2024 below expectations.
(French version Jean Terzian)