Wall Street’s major indexes rose on Friday as they continued to monitor the situation surrounding the debt ceiling and traders looked to cap off a solid week of trading.
At the same time, gold lost its gains during the day’s trading, to settle now without a clear rise or fall.
Look at the market
Foot Locker stock fell 25% after missing first-quarter expectations in the top and bottom lines. Meanwhile, Deere stock rose 4% after beating its fiscal second-quarter forecast.
Lucid shares are now up 0.56% at $7.33 a share.
Major indices are heading for weekly gains, with the S&P 500 up 2% for the week so far. This would be its biggest one-week advance since March. Meanwhile, the Nasdaq Composite Index rose 3.5% for the week. This would also be its best weekly performance since March. While the Dow Jones rose by 0.8%.
Much of this gain came on Thursday, as investors bet that an agreement on the US debt ceiling could be reached. Comments from Speaker of the House Kevin McCarthy on Thursday seemed to indicate that a potential deal could be reached as soon as next week.
“There is some uncertainty about when the government won’t be able to meet its commitments in terms of running out of money, and that creates some uncertainty. So it’s still a very risky environment, but it’s an environment that we think is You will eventually see an outcome that doesn’t hurt the markets – in the long term.”
Meanwhile, New York Federal Reserve Chairman John Williams said on Friday that the “era of ultra-low interest rates” is not over, even with attempts to curb inflation. This comes a few moments before the US Federal Reserve Chairman, Jerome Powell.
Gold and stocks
Twenty-six percent of Americans rated gold as the best long-term investment in 2023, nearly double the 15 percent who thought so in 2022, according to a recent Gallup poll.
Share outperformed stocks, with 18% of Americans rating stocks as most valuable in the long term, down from 24% last year, according to the survey.
This was the first time since 2013 that they had a lower perception of stocks than gold. However, both ranked behind real estate.-
Gallup, which polled a random sample of 1,013 adults between April 3 and 25, said that while Americans were asked to measure sentiment about the long term, general perception is guided more by short-term fluctuations in investment performance.-
And this modernity bias can be dangerous for investors who are saving for a goal like retirement, which can take decades.
“As a long-term investment, gold is a very poor solution,” said Charlie Fitzgerald, a certified financial planner and principal of Moisand Fitzgerald Tamayo in Orlando, Florida.
The Dow Jones Industrial Average rose 0.2% to 33,601 points.
The Standard & Poor’s 500 index rose to 4,206 points, or 0.2%.
While the Nasdaq Composite Index settled without an increase or decrease at 12,688 points.
Gold futures are now settling without rising or falling, after losing its gains, which amounted to 0.5%, and now recording $1,959.
While gold in instant transactions also settles at $ 1957 an ounce.
The dollar index is down by 0.17% at 103.285 points.
Brent crude rose 0.3% to $76.09 a barrel.
Texas crude gained nearly 0.1% to $71.9 a barrel.