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US Stocks on The Road for Another Record Close - Thursday Update


London, 25 January 2024


US stocks were up around record levels on Thursday, with the Dow Jones increasing over 120 points, the S&P 500 jumping 0.4%, and the Nasdaq 100 gaining 0.4%.




Traders were taking in earnings reports, and recent economic data suggested that a rate decrease in March would still happen.


In Q4, the US economy grew by 3.3%, much faster than the 2% prediction.


However, core PCE inflation increased by just 2%, which was consistent with the Fed's target and unchanged from the previous quarter.


Additionally, durable goods orders unexpectedly flattened and first claims came in substantially above estimates at 214K.


On the corporate front, Tesla dropped around 8% owing to lower-than-expected earnings and revenue as well as a warning about lowered volume growth prospects this year.


However, IBM saw an 8% increase in income after revealing a jump attributed to AI. Following the release of a 4% earnings increase, Blackstone was up 2.1%.


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