Wall Street extends rally, Dow Jones jumps 235 points

NEW YORK, New York – United States stock markets closed on a positive note on Thursday, with all major indices posting solid gains, driven by investor optimism and favorable economic indicators.

The S&P 500 climbed by 41.63 points, or 0.75 percent, closing at 5,595.76. With trading volume at 2.537 billion, the S&P 500 extended its rally as sectors across the board contributed to the market’s overall positive performance.

Meanwhile, the Dow Jones Industrial Average (DJI) advanced by 235.06 points, or 0.58 percent, to end the day at 41,096.77. With a trading volume of 285.374 million, the Dow benefited from strong showings in industrial and financial stocks, adding to the index’s continued upward trajectory.

The tech-heavy NASDAQ Composite also posted a significant increase, gaining 174.14 points, or 1.00 percent, to close at 17,569.68. With 4.283 billion shares traded, the index saw robust performance in technology and growth stocks, signaling investor confidence in the sector’s long-term potential.

U.S. dollar dips as follow-through from CPI drop

The U.S. dollar declined on Thursday, a day after the Bureau of Labor & Statistcs announced the annualised CPI reading as of August 2024 had dropped to 2.5 percent, below expectations.

On Thursday the U.S. Dollar Index retreated by 0.40 points, or 0.40 percent, to 101.28.

The Euro/US Dollar (EUR/USD) pair rose by 0.52 percent, closing at 1.1068. The euro continued its upward trend against the U.S. dollar, driven by stronger economic data out of the Eurozone and investor confidence in the region’s growth prospects.

The US Dollar/Japanese Yen (USD/JPY) pair, however, saw a decline, falling by 0.32 percent to 141.90. The Japanese yen strengthened as investors shifted towards safe-haven currencies amid uncertainty in global markets.

In North America, the US Dollar/Canadian Dollar (USD/CAD) pair experienced a minor rise of 0.03 percent, closing at 1.3578. The Canadian dollar remained relatively stable against the US dollar as both currencies saw minimal fluctuations throughout the trading day.

The British Pound/US Dollar (GBP/USD) pair advanced by 0.56 percent, ending at 1.3115. This rise was supported by positive sentiment around the UK economy.

The US Dollar/Swiss Franc (USD/CHF) pair dropped by 0.10 percent, finishing at 0.8513. The Swiss franc benefited from increased demand for safe-haven assets.

Meanwhile, the Australian Dollar/US Dollar (AUD/USD) pair saw a notable increase of 0.71 percent, closing at 0.6721, up by 0.0047. The Australian dollar’s strength was fueled by rebounding commodity prices and improved economic indicators in Australia.

Similarly, the New Zealand Dollar/US Dollar (NZD/USD) pair gained 0.68 percent, finishing the session at 0.6178.

Global Stock Market Recap for Thursday

Global stock markets showed strong performance on Thursday, with major indices in Europe, Asia, and other regions recording good gains, with the star performer being Japan. Below is a summary of how various key indices performed at the close of Thursday’s trading session.

CANADA

In Canada, the S&P/TSX Composite Index rose by 263.97 points, or 1.14 percent, closing at 23,475.14. With a trading volume of 310.709 million, the Canadian index was boosted by strong gains in energy and financial sectors, reflecting the resilience of the Canadian economy amid global market movements.

UNITED KINGDOM

In the UK, the FTSE 100 rose by 47.03 points, or 0.57 percent, closing at 8,240.97.

EUROPE

The DAX PERFORMANCE-INDEX in Germany saw a notable increase of 188.12 points, or 1.03 percent, ending the day at 18,518.39. France’s CAC 40 also gained 38.24 points, or 0.52 percent, finishing at 7,435.07.

The pan-European ESTX 50 PR.EUR climbed by 50.50 points, or 1.06 percent, to close at 4,814.08. The Euronext 100 Index was up by 12.64 points, or 0.87 percent, reaching 1,462.92, while Belgium’s BEL 20 rose by 21.00 points, or 0.50 percent, closing at 4,216.75.

ASIA

In Asia, Hong Kong’s Hang Seng Index saw an increase of 131.68 points, or 0.77 percent, ending the day at 17,240.39.

In China, the SSE Composite Index dipped by 4.67 points, or 0.17 percent, to close at 2,717.12.

Japan’s Nikkei 225 had an exceptional day, surging by 1,213.50 points, or 3.41 percent, to close at 36,833.27.

The STI Index in Singapore gained 25.36 points, or 0.72 percent, to close at 3,556.53.

India’s S&P BSE SENSEX surged by 1,439.55 points, or 1.77 percent, to close at 82,962.71, marking a strong performance.

In contrast, Malaysia’s FTSE Bursa Malaysia KLCI fell slightly by 1.49 points, or 0.09 percent, ending at 1,638.31.

In South Korea the KOSPI Composite Index jumped by 58.72 points, or 2.34 percent, ending the day at 2,572.09.

Taiwan’s TSEC weighted index surged by 622.25 points, or 2.96 percent, to finish at 21,653.25.

OCEANIA

In Australia the S&P/ASX 200 jumped by 87.80 points, or 1.10 percent, to reach 8,075.70, and the Australian ALL ORDINARIES index also saw a rise of 97.90 points, or 1.19 percent, ending at 8,293.10.

In New Zealand, the S&P/NZX 50 INDEX GROSS rose by 187.93 points, or 1.49 percent, closing at 12,820.28.

MIDDLE EAST

In Israel, the TA-125 index increased by 20.25 points, or 1.00 percent, ending at 2,053.53.

Egypt’s EGX 30 Price Return Index saw a slight gain of 12.20 points, or 0.04 percent, closing at 30,497.80.

AFRICA

On the African continent, the Top 40 USD Net TRI Index in South Africa recorded a rise of 74.38 points, or 1.70 percent, ending at 4,459.06.

Related stories:

Wednesday 11 September 2024 | Dow Jones gains ground as CPI drops to 2.5 percent | Big News Network

Tuesday 10 September 2024 | U.S. stocks close mixed, Dow Jones drops 93 points | Big News Network

Monday 9 September 2024 | Dow Jones rallies 484 points as U.S. stocks rebound | Big News Network