(New York) The New York Stock Exchange closed on Friday with a very slight increase, concluding a third week in a row in the green.
The Dow Jones index gained 0.01% to 34,947.28 points, the NASDAQ, with its strong technological coloring, advanced 0.08% to 14,125.48 points and the S
Over the week the broader index and the NASDAQ are up around 2.3% while the Dow Jones has gained almost 2%.
“We’re seeing a battle between the bullish and the bearish, but the bullish are in control,” said Adam Sarhan of 50 Park Investments.
“This week we saw a jump in the market on Tuesday with the inflation data and I think there is still a significant pocket of demand” for purchasing, continued the analyst.
The markets were boosted by the American consumer price index which showed at the start of the week at 3.2% year-on-year in October, less than expected, after 3.7% the month before.
Bond yields fell significantly this week, which supported stocks. The 10-year yield, which hit 5% for the first time in 16 years in late October, rose from 4.68% on Monday to 4.43% on Friday around 4:15 p.m. ET.
“The peak of bond yields was arguably reached in October” when ten-year yields rose above 5% for the first time in 16 years, commented John Canavan of Oxford Economics.
“We expect them to decline over the course of 2024,” he added.
For stocks, “it’s been a good month” so far, assures Adam Sarhan. “You would expect the market to take a break to digest, but that’s not what’s happening.”
“We are preparing for a great end of the month and perhaps the end of the year,” he said.
Among today’s indicators, housing construction increased by 1.9% over the month in October, but remains down 4.9% year-on-year.
On the market, the title of the clothing brand Gap soared by more than 30% to 17.85 dollars. Its sales fell in the third quarter, but less than analysts expected. The chain, which also includes the Old Navy and Banana Republic brands, confirmed its projections for the full year.
The action of the semiconductor group Applied Material fell 4.02% after press reports mentioning an investigation by the US Department of Justice for export violations to China.
The price of ChargePoint, operator of the first independent charger network in the United States which is struggling to compete with Tesla, collapsed 35.62% to $2.01. The group warned that its quarterly sales were very disappointing.
The shares listed in the United States of the Chinese distribution giant Alibaba continued to decline (-1.92%) after already a significant loss the day before (-9.14%).
The group announced Thursday that it was abandoning its plan to spin off its remote computing business due to American restrictions on electronic chip exports.
Shortly before the market closed, the board of directors of the American start-up OpenAI, which develops the editorial content generator ChatGPT, unexpectedly fired its managing director Sam Altman, 38. Microsoft which has a partnership with ChatGPT lost 1.68% in the last minutes of the session.
