The Dow Jones and the S&P 500 gained on Thursday as investors flocked to cyclical stocks expected to benefit from a strengthening economy, while shifting out of technology shares.

The Dow gained 461.88 points, or 1.06 per cent, to finish at 43,870.35. The S&P 500 added 0.53 per cent to close at 5,948.71. The tech-heavy Nasdaq Composite eked out a 0.03 per cent gain to end at 18,972.42.

Nvidia's shares opened at a record high, then dipped, but ended 0.5 per cent higher as brokers released their views on the company’s latest quarterly results and outlook. Twelve analysts raised their price targets, while five others maintained buy recommendations.

In economic news, US jobless claims declined to near seven-month lows.

In commodities, oil prices rose following the latest missile exchanges between Russia and Ukraine, fueling concerns about supply disruptions. Gold also rose, continuing a four-day winning streak. Iron ore futures hit a one-week high, balancing firm demand against high port stocks.

In cryptocurrency, bitcoin neared US$99,000 following news that Securities and Exchange Commission chairman Gary Gensler plans to step down on January 20.

Turning to the ASX, the Australian market is set to open higher this morning, with the SPI futures pointing to a 0.9 per cent rise.

In company news, A2 Milk boosted revenue guidance and will commence dividend payments after solid sales and higher global dairy prices.

There are 25 AGMs scheduled for today, including Kogan, Lovisa, Megaport, NEXTDC, Orica, Washington H Soul Pattinson, and WiseTech Global. Orica will trade ex-dividend today.

Disclaimer

The views, opinions or recommendations of the commentators in this presentation are solely those of the author and do not in any way reflect the views, opinions, recommendations, of Sequoia Financial Group Limited ABN 90 091 744 884 and its related bodies corporate (“SEQ”). SEQ makes no representation or warranty with respect to the accuracy, completeness or currency of the content. Any prices published are accurate subject to the time of filming and shouldn’t be relied upon to make a financial decision. Commentators may hold positions in stocks mentioned and companies may pay FNN to produce the content at times. The content is for educational purposes only and does not constitute financial advice. Independent advice should be obtained from an Australian Financial Services Licensee before making investment decisions. To the extent permitted by law, SEQ excludes all liability for any loss or damage arising in any way including by way of negligence.
Copyright 2024 – Finance News Network


Source: Finance News Network