Market Commentary - Foreign Markets
US stocks end notably higher As on : 13-Sep-24  10:54

Stocks on the Wall Street moved notably higher on Thursday with Nasdaq and the S&P 500 adding to strong gains. The Nasdaq jumped 174.15 points or 1.0 percent to 17,569.68, the S&P 500 advanced 41.63 points or 0.8 percent to 5,595.76 and the Dow climbed 235.06 points or 0.6 percent to 41,096.77. All sectors ended in the green, with communication services and consumer discretionary advancing the most.

The strength that emerged on Wall Street came as traders remain optimistic about the outlook for interest rates following this week's inflation data. The Labor Department said its producer price index for final demand crept up by 0.2 percent in August, while revised data showed prices were unchanged in July. At the same time, the report said the annual rate of producer price growth slowed to 1.7 percent in August from a downwardly revised 2.1 percent in July. The Labor Department also released a separate report showing a modest increase by first-time claims for U.S. unemployment benefits in the week ended September 7th.

US Treasury bond yields eased to lowest level for the year at 3.65% and dragged the US Dollar (USD) to a fresh weekly low below 101 mark.

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