Major US shares start Monday’s session with gains
Date
9/11/2024 8:54:35 AM
(MENAFN) Major US stock markets started the week on a positive trajectory, with the key indices opening higher on Monday. The Dow Jones Industrial Average saw a strong gain of 315 points, rising by 0.78 percent to reach 40,659 by 9:59 AM EDT (1359 GMT). Meanwhile, the S&P 500 also showed solid performance, climbing 51 points, or 0.95 percent, to hit 5,460. The tech-heavy nasdaq Composite followed suit, advancing by 201 points, or 1.21 percent, to settle at 16,893 in early trading, marking a strong start for all three major indices.
In addition to the upbeat performance in the stock market, the VIX volatility index, commonly known as the "fear index," saw a significant drop. It fell by 8.7 percent, bringing it down to 20.43, signaling reduced market uncertainty. However, the 10-year US Treasury yield moved in the opposite direction, rising by 0.66 percent to reach 3.730 percent. This indicates that while market sentiment improved, investors still face a challenging bond market environment with increasing yields.
Currency markets reflected some shifts as well, with the US dollar index gaining 0.36 percent, pushing it up to 101.55. In contrast, the euro weakened against the dollar, slipping by 0.37 percent to trade at USD1.1043. The stronger dollar and weakening euro suggest diverging economic outlooks and pressures between the two regions, as the US currency continues to gain ground amid rising bond yields.
In the commodities market, precious metals and oil prices were also moving upward. Gold edged higher by 0.1 percent, bringing it to USD2,500 per ounce, while silver showed more momentum, increasing by 1 percent to USD28.20 per ounce. Oil prices followed suit, with global benchmark Brent crude rising 0.4 percent to USD71.28 per barrel, while the US benchmark, West Texas Intermediate, also increased by 0.4 percent to USD67.97 per barrel, reflecting a positive shift in energy markets at the start of the week.
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