Saturday, November 23, 2024
Stocks finished mixed on Thursday, with the Dow and S&P 500 advancing while the Nasdaq Composite retreated. The Dow Jones Industrial Average surged 1.5%, reaching a new high for the year at 35,950, driven by strong gains in Salesforce. The S&P 500 followed suit, climbing 0.4% to 4,568, while the Nasdaq Composite gave back some of its recent gains, dipping 0.2% to 14,226.
In a positive sign for the economy, inflation data released on Thursday showed signs of easing. Month-over-month inflation came in at zero percent, while initial jobless claims and existing home sales both beat expectations. These encouraging figures suggest that inflation may be starting to moderate, which could give the Federal Reserve more room to ease its aggressive monetary tightening policy.
Salesforce, a cloud computing company, reported earnings on Wednesday that surpassed analysts' expectations. The company's strong results boosted investor confidence, sending its stock soaring over 9% on Thursday. Salesforce's performance also had a ripple effect on the broader market, contributing to the gains in the Dow and S&P 500.
Despite the positive inflation data, bond yields edged higher on Thursday. The two-year Treasury closed at a yield of 4.684%, up about four basis points from the previous day. The twenty-year Treasury also inched up, with its yield settling at 4.678%.
Oil prices closed lower on Thursday, reversing some of their recent gains. A barrel of crude oil now trades hands at $75.57, down $2.10 from the previous day. This decline could be attributed to concerns about a potential global recession, which could dampen demand for energy.
Gold prices pulled back on Thursday, giving back some of the extraordinary gains they made the previous day. Gold closed at $2,057 a troy ounce, down $9.90 from the previous day's record high. This pullback could be a sign that investors are taking profits after gold's recent surge.
Federal Reserve Chairman Jerome Powell is scheduled to deliver a speech today. Investors will be closely watching his comments for any clues about the central bank's future plans regarding monetary policy.
