The Dow Jones New York Stock Exchange closed higher on Friday (Jan. 13), led by rallying bank stocks after showing strong quarterly earnings, while the S&P 500 and Nasdaq closed at the highest in the world. 1 month cycle
The Dow Jones Industrial Average closed at 34,302.61 points, an increase of 112.64 points or +0.33%, the S&P 500 index closed at 3,999.09 points, an increase of 15.92 points or +0.40%, and the Nasdaq index closed at 11,079.16 points, an increase of 78.05 points or +0.71%.
The S&P500 closed at its highest since Dec. 13, while the Nasdaq closed at its highest since Dec. 14.
in this week The Dow ended 2% higher, the S&P 500 ended 2.7% higher and the Nasdaq ended 4.8% higher, its biggest weekly percentage gain since Nov. 11.
The S&P 500 is up 4.2% so far this year, while the Cboe Volatility Index, which measures investor anxiety, is up 4.2% so far this year. closed at the lowest level in more than one year.
Financial stocks are among the sectors that lift the S&P500 the most.
JPMorgan Chase & Co. and Bank of America posted stronger-than-expected quarterly results, while Wells Fargo and Citigroup posted better-than-expected quarterly results. Reveal earnings below expectations But all 4 bank stocks rose. JPMorgan rose 2.5% and the S&P 500 banking sector closed up 1.6%.
The market was also supported by a University of Michigan survey released on Friday. The US consumer confidence index rebounded to 64.6 in January, the highest level since April. 2022 and beat analysts’ expectations of 60.7 after hitting 59.7 in December, with the index boosted by consumer concerns over inflation and recession.
Consumers expect inflation to rise 4.0% over the next year, below the 4.4% level surveyed last month. And consumers expect inflation to hit 3.0% over the next five years, above the 2.9% level surveyed last month.
In addition, the index of confidence in the current economic situation and in the next 6 months are also improving.
As for the release of the Consumer Price Index (CPI) on Thursday (Jan. 12) and other recent US economic data. has supported the hope that A downward trend in inflation may cause the US Federal Reserve (Fed) to slow down on raising interest rates. Investors now estimate a 91.6% chance the Fed will raise interest rates 0.25% in February.
Shares of Tesla fell 0.9% against the market after it cut electric vehicle prices in the United States and Europe by as much as 20% after deliveries in 2022 were lower than expected.
Delta Air Lines shares tumble 3.5% after expecting first-quarter earnings beat expectations.
US stock markets will be closed on Monday (Jan. 16) for Martin Luther King Jr. Day and next week. Investors will focus on the earnings release of listed companies. as well as comments from the CEOs of various companies on business trends.
Year-on-year earnings for companies in the S&P 500 are expected to decline 2.2% in the fourth quarter, according to Refinitiv data.