Market Commentary - Foreign Markets
US stocks sustain gains, DOW ends above 43K for first time As on : 15-Oct-24  12:23

US stocks continued to stay supported yesterday after a strong upward move on Friday. Dow as well as S&P 500 reached record highs and the major averages too moved higher. The Dow rose 201.36 points (0.5%) to 43,065.22, the Nasdaq jumped 159.75 points (0.9%) to 18,502.69 and the S&P 500 climbed 44.82 points (0.8%) to 5,859.85. Markets remained broadly focused US monetary policy trajectory after latest inflation figures. According to a Labor Department report on Friday, the US producer prices were unchanged whereas the annual rate price growth lowed modestly. US stocks sustained their upmove with the DOW ending above 43000 mark for the first time in history. The index is up around 3.5% over last one month.

Meanwhile, on Monday, the stocks of semiconductor sector turned out to be the market’s best performance with the Philadelphia semiconductor index jumping by 1.8%. Housing stocks showed considerable strength with 1.6% gain posted by Philadelphia Housing Sector Index. Airline, utilities and banking stocks too displayed significant strength. Networking stocks revealed a notable move to the downside.

Stock markets across Asia-Pacific turned into a mixed performance on Monday as Japanese markets were closed for a holiday. Shanghai composite Index surged by 2.1% while HongKong’s Hang Seng Index slid by 0.8%. The major European markets all moved to the upside while German DAX Index marginally rose by 0.7%, UK’s FTSE 100 Index climbed by 0.5% & the French CAC 40 Index rose by 0.3%.

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