S&P 500 ends Tuesday’s session above 5,500 level for first time ever
(MENAFN) On Tuesday, the S&P 500 achieved a historic milestone by closing above the 5,500 level for the first time ever. The index, which briefly surpassed this mark on June 20 but retreated, rose by nearly 34 points or 0.62 percent to finish at 5,509. This achievement underscores the resilience and bullish sentiment in the US stock market.
Similarly, the nasdaq Composite also reached a new all-time high, climbing 149 points or 0.84 percent to close at 18,028. The technology-heavy index continues to show strong performance amid ongoing investor optimism.
The Dow Jones Industrial Average rose by 162 points or 0.41 percent, concluding the session at 39,331. This index, comprising a broader range of industrial and blue-chip stocks, also contributed to the positive sentiment in the market.
In terms of market volatility, the VIX volatility index, often referred to as the fear index, decreased by 1.5 percent to 12.03. This decline indicates reduced perceived volatility and heightened market confidence.
Meanwhile, the 10-year US Treasury yield experienced a slight decrease, falling by 1 percent to 4.434 percent. This movement in bond yields reflects investor expectations regarding future economic conditions and Federal Reserve policy.
In currency markets, the dollar index decreased marginally by 0.2 percent to 105.69, while the euro showed a modest gain of 0.07 percent against the dollar, reaching USD1.0745. These currency movements reflect global market dynamics and investor sentiment towards major currencies.
Turning to commodities, precious metals showed mixed performance. Gold prices dipped slightly by 0.1 percent to USD2,329 per ounce, while silver prices saw a modest increase of 0.3 percent to USD29.54 per ounce. These fluctuations in precious metals reflect varying investor strategies amid economic uncertainties and inflation concerns.
Oil prices also exhibited minor declines, with global benchmark Brent crude at USD86.56 per barrel and US benchmark West Texas Intermediate at USD83.15 per barrel. These price movements reflect ongoing market assessments of global supply dynamics and geopolitical factors impacting the energy sector.
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