The First Slice for Friday, March 8, 2024
Hey there, high school and college students! Get ready for a quick dive into the exciting world of Wall Street and the U.S. economy with a Today’s Doughie twist.
- The Dow Jones Industrial Average rose 130.30 points, or 0.34%.
- The S&P 500 finished up 1.5%.
- The Nasdaq Composite closing record ended up at 241.83 points or 1.51%.
This past Thursday, Wall Street was buzzing with activity. The S&P 500 soared to a record closing high, rising by 1%, while the Nasdaq composite finished up by a notable 1.5%. This surge was mainly driven by technology and growth stocks, fueled by increasing investor optimism about potential Federal Reserve rate cuts this year.
The Philadelphia Semiconductor index was a standout performer, which jumped 3.36% to a record closing high. Investors are betting big on chip companies, seeing them as key players in the burgeoning field of artificial intelligence.
In Washington, Federal Reserve Chair Jerome Powell gave investors more reason to be hopeful. Speaking to a U.S. Senate committee, Powell hinted that the Fed is close to confident that inflation is moving towards its 2% target. This could pave the way for rate cuts, possibly starting early in June. Powell’s comments came during his Congressional testimonies, which began on Wednesday before the U.S. House Financial Services Committee.
In the labor market, the number of Americans filing new claims for unemployment benefits remained steady, indicating an easing but still robust labor market. This follows a series of employment data that painted a picture of a softening yet solid jobs market.
Investors are responding positively to these developments, and the market is also buoyed by the recent employment data. However, for more detailed insights into the labor market, the nonfarm payrolls report due on Friday is still being closely watched.
Nine out of the eleven major S&P 500 sectors in the stock market saw gains. Technology and communications services sectors vied for the top spot, with technology ultimately leading with a 1.89% increase. Big names like Meta and Nvidia contributed significantly to these gains. However, not all news was positive, as shares in Victoria’s Secret & Co. plummeted due to a weak annual forecast.
Conversely, Kroger Co. shares surged by 9.8% following an optimistic annual sales and profit forecast, exceeding Wall Street estimates………….
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