Wall Street is Fluctuating Around Record Levels After a Strong Stock Market Year

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The stock markets in New York again showed little movement on Thursday. The American leading indicators fluctuated around new record levels after a solid year on Wall Street.

 

The mood among American investors has been positive for weeks due to the expectation that the Federal Reserve will cut interest rates again next year. Optimism around artificial intelligence (AI) also fueled a rally in US stocks in 2023.

Shortly after the start of trading, the Dow Jones index recorded 0.2 percent at 37.7120 points. The main index fluctuates around its highest price ever and is heading for an annual gain of about 13 percent. The broad S&P 500 rose 0.2 percent to 4,789 points, and the tech indicator Nasdaq gained 0.3 percent to 15,141 points. The S&P 500 is on track for a gain of 24 percent in 2023, and the Nasdaq has already risen 44 percent in value this year.

Investors also processed new data about the American labour market. It turned out that the number of weekly aid applications increased by 12,000 to 218,000. That was more than expected.

Apple climbed 0.7 percent. The tech group may temporarily resume sales of its latest smartwatch models in American stores. The watches are equipped with software for which Masimo, a medical equipment manufacturer, claims to have patent rights. Apple previously removed the watches from stores after the American International Trade Commission ruled in the manufacturer’s favour. But the Court of Appeal has now allowed the smartwatches to be sold again pending a later ruling.

Tesla gained 1.1 percent. Chinese smartphone maker Xiaomi wants to become one of the five largest car manufacturers in the world. “Xiaomi’s goal is to create a dream car that is as good as Porsche and Tesla,” co-founder Lei Jun said at the unveiling the company’s first electric car.

Amazon rose 0.2 percent. The tech and online store group plans to introduce advertisements on its Prime Video streaming service starting January 29. Subscribers in different countries can keep the streaming service commercial-free for an additional fee.

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