(New York) The New York Stock Exchange ended in disorganized order on Friday, with the Dow Jones snatching, at the last minute, a third record in a row at the close, ignoring cautious comments from members of the American central bank (Fed). .
The Dow Jones gained 0.15% and finished at 37,305.16 points, a third consecutive all-time high. The NASDAQ index gained 0.35% and the broader S index
“Why stop now? “, commented Patrick O’Hare, of Briefing.com. “That seems to be the implicit question the market is asking. »
The session started with a whiff of consolidation, after a sequence that saw the Dow Jones rise more than 15% since the end of October.
“The catalyst (for this consolidation) came from statements by members of the Fed,” explained Patrick O’Hare.
The president of the Fed branch in New York, John Williams, opened the ball on Friday by affirming that the members of the monetary policy committee of the institution were not yet talking about rate cuts.
He contradicted Fed President Jerome Powell, who said the opposite on Wednesday during his press conference following the Federal Reserve meeting.
John Williams was followed by his Atlanta counterpart, Raphael Bostic, who also tried to temper the enthusiasm of the New York market by counting on two rate cuts in 2024, while the members of the Fed in their group sees, on average, three.
But investors ultimately paid little attention to these claims, and the Dow eventually returned to the green. The three indexes also recorded a seventh consecutive week of gains.
“The market still believes that the Fed will go along with its vision, rather than the other way around,” according to Patrick O’Hare.
However, operators now anticipate no less than six rate cuts next year.
Still seduced by the prospect of monetary easing and encouraged by the slowdown in inflation and what appears to be a smooth landing for the American economy, investors also ignored the mixed indicators of the day.
Industrial production increased by only 0.2% over one month in November, compared to 0.3% expected, and the activity index in the manufacturing sector, established by S
Imitating the Dow Jones, the NASDAQ escaped the consolidation movement thanks to the stars of artificial intelligence, notably Microsoft (1.31%) and semiconductor manufacturers Nvidia (1.12%), Broadcom (2.10 %) and Intel (2.17%).
The flagship index of the Electronic Stock Exchange was also supported by the semi-wholesale supermarket chain Costco (4.45%), which is one of the ten largest weightings of the NASDAQ 100.
The action of the group from Issaquah (Washington State) was sought after the announcement, Thursday after the market, of results better than expectations.
The group’s financial director, Richard Galanti, indicated that Costco had made price reductions, mainly linked to the normalization of transport costs.
Unlike technology stocks, so-called defensive stocks, that is to say less sensitive to the economic situation, had a difficult day.
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Electronic document signature specialist DocuSign soared (12.46%) after the Wall Street Journal reported that the company was exploring a possible buyout by investors.
The Chinese electric vehicle manufacturer XPeng was fled (-7.54%) after reporting the sale by the e-commerce platform Taobao, a subsidiary of Alibaba (2.76%), of 25 million of its shares.
The cryptocurrency exchange Coinbase suffered (-3.73%). The American market watchdog, the SEC, refused his request to create rules specific to cryptocurrencies, considering that the existing framework was sufficient.