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  3. US markets end in green on Wednesday

US markets end in green on Wednesday

08 Feb 2024 Evaluate

The US markets ended higher on Wednesday as investors applauded overall strength in U.S. earnings. A positive reaction to some of the latest earnings news contributed to notable advance seen over the course of the session. Share of Enphase Energy (ENPH) soared by 16.9 percent after the solar inverter maker reported weaker than expected fourth quarter revenues but said it expects demand to improve throughout 2024. Auto giant Ford (F) also surged by 6.1 percent after reporting better than expected fourth quarter results, providing upbeat guidance for 2024 and announcing a supplemental dividend of 18 cents per share. On the sectoral front, Software stocks turned in some of the market's best performances on the day, driving the Dow Jones U.S. Software Index up by 1.9 percent to a record closing high. Significant strength was also visible among semiconductor stocks, as reflected by the 1.6 percent gain posted by the Philadelphia Semiconductor Index.

On the economic data front, with imports increasing by more than exports, the Commerce Department released a report showing the U.S. trade deficit widened in the month of December. The Commerce Department said the trade deficit increased to $62.2 billion in December from a revised $61.9 billion in November. Street had expected the trade deficit to narrow to $62.2 billion from the $63.2 billion originally reported for the previous month. The wider trade deficit came as the value of imports shot up by $4.2 billion or 1.3 percent to $320.4 billion, while the value of exports jumped by $3.9 billion or 1.5 percent to $258.2 billion. Imports of consumer goods, including pharmaceuticals, cell phones and other household goods, led the surge in imports, while imports of industrial supplies and materials also saw a notable increase.

Dow Jones Industrial Average rose 156 points or 0.4 percent to 38,677.36, Nasdaq added 147.65 points or 0.95 percent to 15,756.64 and S&P 500 edged up 40.83 points or 0.82 percent to 4,995.06.


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