U.S. markets rally, Dow and Nasdaq post significant gains

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11th July 2024 – (New York) U.S. stock indices concluded Wednesday’s trading session on a high note, with major indices like the Dow Jones Industrial Average and the Nasdaq Composite registering significant gains. This upturn reflects a broad-based optimism in the market, driven by robust performances across multiple sectors.

The Dow Jones Industrial Average surged by 429.39 points, closing at 39,721.36, which translates to a gain of 1.09 per cent. Similarly, the S&P 500 was up by 56.93 points, ending the day at 5,633.91, marking a 1.02 per cent increase. The Nasdaq Composite outpaced its counterparts with a rise of 218.16 points, or 1.18 per cent, closing at 18,647.45.

The rally was especially pronounced in the technology and materials sectors, which led the gains among the S&P 500’s 11 primary sectors. Technology stocks jumped by 1.63 per cent, while materials stocks advanced by 1.34 per cent. Financials, although showing the least improvement, still managed an uptick of 0.42 per cent.

Parallel to the equities surge, the U.S. dollar experienced fluctuations in the forex markets. The dollar index, which tracks the greenback against a basket of six major currencies, slightly dipped by 0.08 per cent to settle at 105.049 by late afternoon trading in New York.

Currency movements were also noteworthy. The euro appreciated against the dollar, moving from 1.0813 to 1.0825. The British pound saw a more significant rise, climbing from 1.2788 to 1.2846 against the dollar. The Japanese yen saw a modest rise with the dollar buying 161.78 yen up from 161.31 yen in the previous session. Additionally, the Swiss franc and the Canadian dollar saw minimal adjustments against the dollar.