Saturday, May 20, 2023 10:25 AM
US indices closed with strong collective gains in last Thursday’s session, with increasing optimism about reaching an agreement to the US debt ceiling within days, in addition to support from the optimistic expectations of Walmart, as reported by CNBC.
And the prominent Republican member of the US Congress, Kevin McCarthy, said that it is possible to reach an agreement to raise or suspend the debt ceiling in time for a vote in the House of Representatives next week.
On the other hand, economic data showed that the number of Americans who filed new claims for unemployment benefits decreased more than expected last week, which indicates the strength of the labor market and gives the Federal Reserve the ability to continue raising interest rates.
Trading volume on US stock exchanges reached 10.49 billion shares on Thursday, compared to a daily average of 10.62 billion during the last 20 trading days.
The Dow Jones index rose by 0.34%, equivalent to 115 points, to close above 33,500 points.
The S&P 500 rose by 0.9%, achieving its highest close in 9 months.--
Walmart shares rose 1.3% to $151.47 after the retail giant reported better-than-expected first-quarter earnings and boosted its 2023 sales and profit forecasts.
The Nasdaq Composite jumped 1.5%, posting its highest daily gain in two weeks and its highest close in 9 months.
The support came from Apple’s stock, which rose by 1.4%, its highest close in more than a year, adding about $37 billion to its market value in one session.
OpenAI announced the availability of ChatGPT on iOS in the United States, adding that it will make it available in other countries in the coming weeks.
Netflix stock jumped more than 9%, achieving its highest daily gain in about 7 months, adding about $14 billion to its market value in one session.
The gains came after the company announced that its recently launched ad-supported version had reached nearly 5 million monthly active users.