(MENAFN) The Wall Street Stock Exchange experienced a notable uptick in trading activity, closing higher following a period of intense selling in previous sessions. Investors remained on the edge of their seats as they awaited a week brimming with quarterly earnings releases from major corporations, seen as a barometer of the American economy's resilience and trajectory.
The rebound was particularly pronounced in the Nasdaq Composite and Standard & Poor's 500 indices, which had faced consecutive declines over the past six sessions. The recent market turbulence stemmed from a reassessment of expectations surrounding potential interest rate adjustments, fueled by a mix of robust economic data, geopolitical tensions, persistent inflationary pressures, and statements from Federal Reserve officials regarding monetary policy.
The Standard & Poor's 500 index surged by 0.87 percent, gaining 43.37 points to reach 5,010.60 points, while the Nasdaq Composite index saw a notable increase of 1.11 percent, rising by 169.30 points to 15,451.31 points. Likewise, the Dow Jones Industrial Average registered a significant uptick, climbing by 0.67 percent or 253.58 points to close at 38,239.98 points.
Last week had seen US stocks closing sharply lower as initial market optimism waned in response to robust retail sales figures, coupled with a notable spike in Treasury yields and escalating geopolitical tensions between Iran and Israel. However, the recent session saw a reversal of fortunes as the Standard & Poor's 500 index rebounded from its most significant one-day percentage decline since January 31.
The market sentiment received a boost from data indicating that retail sales in March surpassed expectations, prompting a cautious optimism among investors. Despite the ongoing volatility and uncertainties surrounding various economic and geopolitical factors, the market's resilience was evident as it absorbed and responded to incoming information and developments.
MENAFN23042024000045015682ID1108127030
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.