Dow Jones reaches new record high, S&P records 4th straight winning month on Friday
(MENAFN) On Friday, the Dow Jones Industrial Average reached a new record, marking a significant milestone for the index. It gained 228 points, or 0.55 percent, closing at 41,563. This increase reflects an almost 1.8 percent rise over August, extending its streak of positive performance to four consecutive months. The Dow’s performance underscores its continued strength, driven by the robust earnings and growth of the 30 major American companies it tracks.
The S&P 500 also had a notable performance, adding 56 points or 1.01 percent to end the day at 5,648. This marks its fourth consecutive winning month, with a substantial 2.3 percent increase for August alone. The S&P 500’s consistent gains highlight its resilience and the positive sentiment prevailing in the broader market.
In contrast, the Nasdaq Composite saw a smaller monthly gain, climbing 197 points or 1.13 percent to reach 17,713. While it experienced a 0.7 percent rise over August, its performance was less pronounced compared to the Dow and S&P 500. This disparity reflects the more volatile nature of technology stocks that dominate the Nasdaq index.
Other financial indicators showed mixed results. The VIX volatility index, often referred to as the "fear index," fell 4.1 percent to 15.00, indicating reduced market uncertainty. The 10-year US Treasury yield increased by 1.1 percent to 3.909 percent, while the dollar index rose by 0.4 percent to 101.73. In currency markets, the euro depreciated by 0.27 percent against the dollar, trading at USD1.1048. Precious metals experienced declines, with gold falling 0.7 percent to USD2,503 per ounce and silver dropping 1.9 percent to USD28.86. Oil prices also decreased significantly, with Brent crude down 2.2 percent to USD77.05 and West Texas Intermediate falling to USD73.65, reflecting broader shifts in global energy markets.
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