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  3. US markets end higher on Monday

US markets end higher on Monday

20 Aug 2024 Evaluate

The US markets ended higher on Monday as stocks continued to benefit from recent upward momentum, with the major averages extending the upward trend seen over the past several sessions. The buying interest also came as recent data has eased concerns about the economic outlook while also increasing confidence the Federal Reserve will cut interest rates next month. On the sectoral front, Biotechnology stocks moved sharply higher over the course of the session, with the NYSE Arca Biotechnology Index surging by 2.2 percent to its best closing level in almost three years. Significant strength was also visible among gold stocks, as reflected by the 2.1 percent jump by the NYSE Arca Gold Index. The index reached a two-year closing high amid a modest increase by the price of the precious metal.

Semiconductor stocks also turned in a strong performance on the day, driving the Philadelphia Semiconductor Index up by 1.9 percent. Housing, natural gas and airline stocks also saw notable strength, moving higher along with most of the other major sectors. On the economic data front, the Conference Board released a report showing its reading on leading U.S. economic indicators fell by much more than expected in the month of July. The Conference Board said its leading economic index slid by 0.6 percent in July after dipping by 0.2 percent in June. Street had expected the index to decrease by 0.3 percent. Meanwhile, the report said the index fell by 2.1 percent over the six-month period ending in July 2024, a smaller rate of decline than the 3.1 percent slump over the six-month period between July 2023 and January 2024.

Dow Jones Industrial Average rose 236.77 points or 0.58 percent to 40,896.53, Nasdaq gained 245.05 points or 1.39 percent to 17,876.77 and S&P 500 was up by 54 points or 0.97 percent to 5,608.25.  


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