- On Thursday, the Dow experienced a significant surge of over 500 points, reaching its peak level for the entire year.
- In November, US stocks achieved significant gains as they concluded the month on a positive note.
- The 10-year Treasury yield increased by more than 9 basis points due to warnings from Fed officials about further tightening.
On Thursday, the Dow Jones Industrial Average reached its highest point this year, marking a significant surge as US stocks concluded a month of considerable gains.
In the month of November, the Dow and S&P 500 experienced a significant increase of approximately 9%, while the Nasdaq had a remarkable surge of 10.7%. This surge was partly attributed to the significant decrease in bond yields over the past few weeks.
However, on Thursday, the 10-year Treasury yield experienced an increase of more than 9 basis points, in response to certain Federal Reserve officials expressing concerns about the possibility of raising interest rates.
New York Fed President John Williams stated that if there is a continuation of price pressures and imbalances for a longer duration than what he anticipates, it may be necessary to implement further policy tightening measures.
Despite the personal consumption expenditures index indicating a continued decrease in inflation and an uptick in weekly unemployment claims indicating more availability in the job market, it remains the case that…
Comerica Bank’s Chief Economist, Bill Adams, stated that the Federal Reserve is currently maintaining its current policies, but they are gradually moving towards implementing rate cuts. This shift is becoming imminent due to evident decrease in inflation and a quicker than anticipated weakening of the job market.
The following paragraph can be paraphrased as: These are the closing values of US indexes at 4:00 p.m. ET on Thursday.
- S&P 500: 4,567.77, up 0.38%
- The Dow Jones Industrial Average rose by 520.47 points or 1.47%, reaching a value of 35,950.89.
- Nasdaq Composite: 14,226.22, down 0.23%
Here’s what else happened today:
- The economy is showing a concerning indication that was last observed before the 2008 crisis.
- Goldman Sachs predicts that the disruption of oil supplies could lead to the return of oil prices reaching $100 per barrel.
- FTX plans to dispose of $744 million worth of assets in order to settle its debts with creditors.
- Zillow has provided six major housing predictions for the year 2024.
- The Japanese yen could be affected by the uncertainty surrounding the US election.
In commodities, bonds and crypto:
- The price of West Texas Intermediate crude oil fell by 3.4% to reach $76.08 per barrel. Meanwhile, Brent crude oil, which is widely used as an international benchmark, also experienced a decline of 2.7% and reached a price of $82.85.
- The price of gold decreased by 0.5% to $2,034.98 per ounce.
- The interest rate on the 10-year Treasury increased by 9.4 basis points to reach 4.367%.
- Bitcoin fell 0.22% to $37,734.
