NEW YORK, New York - All the major U.S. stock indices closed higher on Thursday after the Bureau of Labor Statistics reported November inflation rose an annualised 2.7 percent, lower than expected.
"The all items index rose 2.7 percent for the 12 months ending November, after rising 3.0 percent over the 12 months ending September. The all items less food and energy index rose 2.6 percent over the last 12 months. The energy index increased 4.2 percent for the 12 months ending November. The food index increased 2.6 percent over the last year," a statement issued by the bureau Thursday said.
As there was no reading in October, and the November report came in late, the improvement was not greeted enthusiastically. "It does seem that the inflation came down a little bit quicker than you might have thought, so the December data may roll it back a little bit," Chris O'Keefe, lead portfolio manager at Logan Capital Management told CNBC Thursday. "I think that we are becoming ... as investors a little bit more accepting of the fact that 2 percent inflation simply may not be attainable in the current environment, but we'll see."
U.S. stock markets however closed firmly in positive territory, powered by a significant rally in technology shares that propelled the Nasdaq Composite to a standout performance.
The NASDAQ Composite (^IXIC) was the clear leader, surging 313.04 points, or 1.38 percent, to close at 23,006.36. This strong gain highlights renewed investor appetite for growth-oriented sectors.
The broader Standard and Poor's 500 (^GSPC) also posted a substantial advance, rising 53.34 points. This represented a gain of 0.79 percent, bringing the benchmark index to a close of 6,774.77.
The Dow Jones Industrial Average (^DJI), which includes fewer tech giants, saw more modest gains. It added 65.88 points, an increase of 0.14 percent, finishing the session at 47,951.85.
Analysts attributed the day's strength, particularly in tech, to a combination of robust quarterly earnings from key players and softening bond yields, which make future profits from growth companies more attractive. The market's upward move suggests a recovery from recent volatility, with investors selectively buying into sectors showing resilient performance. The divergence between the Nasdaq's sharp rise and the Dow's more tempered gain underscores the technology sector's outsized role in driving the day's market sentiment.
U.S. Dollar Edges Higher in Mixed Thursday Session; Euro Weakens, Aussie Gains
The U.S. dollar showed modest but broad strength in foreign exchange trading on Thursday, navigating a session of mixed movements among major currency pairs as traders assessed global economic signals.
The Euro (EUR/USD) was among the day's notable decliners, falling 0.13 percent to trade at 1.1725. The drop reflected persistent concerns over the Eurozone's economic outlook relative to the United States.
In contrast, the British Pound (GBP/USD) managed a slight gain, rising 0.07 percent to 1.3384, showing resilience despite broader Dollar strength.
The Australian Dollar (AUD/USD) was the session's top performer among the majors, advancing 0.16 percent to 0.6614, often buoyed by its sensitivity to commodity prices.
The New Zealand Dollar (NZD/USD) held steady, finishing the session unchanged at 0.5773.
The greenback itself showed mixed results against other safe-haven and commodity-linked currencies. The U.S. Dollar (USD/JPY) dipped slightly by 0.04 percent against the Japanese Yen to 155.57. It also saw a minor decline of 0.04 percent against the Canadian Dollar (USD/CAD), with the pair settling at 1.3779.
Against the Swiss Franc (USD/CHF), the Dollar retreated 0.08 percent to 0.7940.
Global Stock Markets Exhibit Mixed Performance on Thursday; Canada, UK and Europe Rallies, Asia-Pacific Shows Divergence
Global equity markets presented a fragmented picture on Thursday, with Cnadian, UK ans European benchmarks posting strong gains while several major Asia-Pacific indices closed in negative territory.
In Canada, he S&P/TSX Composite Index (^GSPTSE) climbed 190.83 points, or 0.61 percent, to settle at 31,440.85.
UK and European markets led the charge, buoyed by positive corporate earnings and encouraging economic data.
The UK's FTSE 100 added 63.45 points, an increase of 0.65 percent, closing at 9,837.77.
Germany's DAX P was a standout performer, surging 238.91 points, or 1.00 percent, to close at 24,199.50. The pan-European EURO STOXX 50 index followed closely, advancing 60.04 points, a gain of 1.06 percent, to finish at 5,741.71.
France's CAC 40 rose 64.59 points, or 0.80 percent, settling at 8,150.64. The broader Euronext 100 Index gained 13.98 points, up 0.83 percent, to 1,706.58. Belgium's BEL 20 saw a more modest rise of 9.01 points, or 0.18 percent, ending at 5,054.96.
In Asia-Pacific trading, performance was mixed. Japan's Nikkei 225 experienced a significant pullback, falling 510.78 points, or 1.03 percent, to 49,001.50.
South Korea's KOSPI Composite Index declined sharply by 61.90 points, or 1.53 percent, closing at 3,994.51.
Indonesia's IDX COMPOSITE dropped 59.15 points, a loss of 0.68 percent, to 8,618.20. New Zealand's S&P/NZX 50 slipped 39.14 points, down 0.29 percent, to 13,256.77. Taiwan's TWSE index fell 56.64 points, or 0.21 percent, to 27,468.53.
However, not all Asian markets were down. Hong Kong's Hang Seng Index edged up 29.35 points, a marginal gain of 0.12 percent, to 25,498.13.
Mainland China's SSE Composite Index added 6.09 points, or 0.16 percent, closing at 3,876.37. Australia's benchmark S&P/ASX 200 inched up 3.00 points, or 0.03 percent, to 8,588.20, while the All Ordinaries index was virtually flat, up a mere 0.02 percent to 8,875.70.
Malaysia's FTSE Bursa Malaysia KLCI gained 5.46 points, or 0.33 percent, to 1,646.90.
Other notable global indices showed varied results. India's S&P BSE SENSEX dipped slightly by 77.84 points, or 0.09 percent, to 84,481.81. Singapore's STI Index fell 4.87 points, down 0.11 percent, to 4,570.61.
Middle East Markets
In the Middle East, Israel's TA-125 rose 27.93 points, or 0.76 percent, to 3,684.15, while Egypt's EGX 30 declined sharply by 577.10 points, or 1.39 percent, to 40,926.90. South Africa's Top 40 USD Net TRI Index advanced 25.93 points, or 0.38 percent, to 6,864.07.
Analysts attributed Europe's strength to renewed optimism surrounding potential interest rate cuts later in the year, while the weakness in parts of Asia was linked to specific regional concerns and profit-taking following recent rallies. The divergent performances underscore the varying economic crosscurrents and monetary policy expectations influencing different regions.
(This report incorporates quotes retrieved with the assistance of artificial intelligence).
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