(New York) The New York Stock Exchange closed with modest gains Tuesday, awaiting U.S. inflation data later in the week and after a strong November so far.
The Dow Jones advanced 0.24% to 35,416.98 points, the tech-heavy NASDAQ rose 0.29% to 14,281.76 points and the broader S
The Toronto Stock Exchange also closed higher, as strength in the energy and base metals sectors helped offset weakness in the rest of the market.
The composite index S
On the currency market, the Canadian dollar traded at an average rate of 73.63 US cents, up from 73.34 US cents on Monday.
On the New York Mercantile Exchange, crude oil prices were up US$1.55 at US$76.41 a barrel, while natural gas prices fell 11 US cents to US$2.84. US per million BTUs.
Gold prices rose US$27.20 to US$2,060.20 per ounce and copper prices rose US$4 cents to US$3.84 per pound.
The relative pause in the indices observed since Monday follows a month of solid progress.
Stocks, which had started the session timidly on Tuesday, moved into the green during the day after statements by a governor of the American central bank (Fed) seeming to suggest that the cycle of interest rate increases of this institution was well and truly finished.
Christopher Waller said, during a conference in Washington, “encouraged by the first signs of moderation in economic activity in the fourth quarter”.
October’s economic data “are consistent with the type of moderation in demand and easing of price pressure that will help bring inflation back to 2%,” added this Fed governor, who is optimistic about the slowdown in inflation in the United States.
Immediately, ten-year bond yields eased further to 4.32%, from 4.38% the day before.
This supported stocks somewhat in the green for the remainder of the trading session. The dollar, on the other hand, fell below the symbolic threshold of 1.10 dollars per euro during the session.
“The market is even more convinced that the Fed is probably finished raising rates,” particularly with the words of Christopher Waller “who said he would vote for a pause again” at the next monetary meeting in mid-December, said Peter Cardillo, analyst at Spartan Capital, told AFP.
“This gives the market room to move forward. And if we have good news on Thursday with the PCE price index, it could trigger a new upward movement,” assured the analyst.
The PCE inflation index, the Fed’s preferred measure for assessing price developments in the United States, will be published on Thursday for October, as will the consumer spending of American households for the same month.
On the market, several retail brands had the wind in their sails on Tuesday after the publication of sales results from the Thanksgiving long weekend with its Black Friday and Cyber Monday promotional days.
This shopping period saw a new attendance record with 200 million buyers over these five days, in person and/or online, four million more than last year, according to the National Retail Federation .
Online sales on Cyber Monday alone reached $12.4 billion, up 9.6% year-over-year, according to a survey by Adobe Analytics.
This growth in consumption, confirmed by a small rebound in consumer confidence according to the Conference Board barometer in November (to 102 points compared to 99.1), benefited Tuesday to Walmart (1.24%), Home Depot, the DIY giant (0.80%) or Best Buy, the electronic equipment chain (2.35%).
Boeing (1.40% to $222.37) supported the Dow, with the stock climbing after a favorable analyst review.
Analyst notes also favored plastic shoes Crocs (5.13%) as well as deferred payment specialist Affirm (11.51%), two beneficiaries of the Black Friday buying frenzy.
Tesla shares gained 4.51% to $246.72, following an increase in weekly registrations of its vehicles in China.
The electric vehicle manufacturer led by Elon Musk will also unveil the Cybertruck, its electric all-terrain vehicle, on Thursday.