Thursday, June 8, 2023

Wall Street opens higher and the Dow Jones rises 0.53%, attentive to debt negotiations

Wall Street opened this Friday in the green and the Dow Jones Industrials, its main indicator, rose a 0.53%in a volatile week due to the discussions in the United States Congress above the debt ceiling.

Ten minutes after the start of operations at the NYSEthe Dow Jones rose 0.53% to 32,938.22 units and the selective S&P 500 gained 0.45% to 4,170.06 points.

For his part, he composite index of the Nasdaq market, where the main technology companies are listed, rose 0.56% to 12,769.74 integers.

Last Friday, the Dow Jones it closed at 33,426 points, the S&P at 4,191 and the Nasdaq closed last week at 12,657 points.

Wall Street investors have been attentive all week to what is happening in Washington for fear that the Government could run out of funds to pay its debts on June 1 if Congress fails to reach an agreement to raise the debt ceiling, which was reached in January and marks the legal limit of money that the Government can borrow. An issue that has been generating nervousness among investors for several days.

On Thursday night it was learned that the White House and Republicans in the US Congress are “close” to reaching an agreement on the debt ceiling and a Republican close to the negotiations said that the negotiating parties, which include officials of the Joe Biden government and Republican legislators, could announce the agreement as soon as this Friday, according to various US media.

For several days now, every piece of information about an alleged closeness of an agreement or the cooling of the talks is weighing on the sentiments of investors who this morning seem positively cautious.

On Thursday, Wall Street closed at mixed terrain but he highlighted the notable rise of 1.71 in the Nasdaq index, which registered its best session in three weeks after the manufacturer of processors Nvidia soared 24% on its good business prospects.

In the first bars of the working day of this Friday Nvidia left 0.45%.

In the last few hours it became known that JP Morgan it has fired a thousand First Republic Bank employees, equivalent to 15% of its workforce, a month after taking control of that regional bank that was in free fall; this morning JP Morgan shares were up 0.10%.

By sectors, dominated the green color on Wall Street, with non-essential goods (0.86%) and technology (0.64%) the biggest gains, while utilities led losses with a 0.94% decline.

Between the 30 values of the Dow Jones, the companies with the highest gains were American Express (1.97%) and Salesforce (1.95%), while Walgreens (-1.57%) and Amgen (-1.19%) accumulated more losses.


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