Good atmosphere on Wall Street

Good atmosphere on Wall Street

Status updated

The good mood on Wall Street continued into the last trading day of the week. The three major indexes rose by more than 1%.

The Nasdaq index closed up 1.97 percent at 11,689.01. The Dow Jones rose 1.17 percent to 33,390.97, while the broad S&P 500 ended the last trading day up 1.61 percent, to 4,045.64. With this, the S&P 500 is having its best day in 6 weeks.

The 10-year US government bond yield is 3.97 percent, while the Vix, also called the fear index, fell 2.5 percent to 19.10.

Ten-year government bonds fell to just under 4 percent. Investors saw the 4 percent limit as a key figure that could lead to another market drop.

The good mood on Thursday was spurred on by comments from Atlanta Fed President Rafael Bostick that he is “very determined” that the Fed will stick to 25 percentage point interest rate increases in the future.

The latest inflation figures from the US and Europe were disappointingly high. The Fed will, by all accounts, adjust its interest rate outlook at its March rate meeting. In the interest rate market, the expected policy rate has increased a lot, Nordea wrote in its weekly report.

movements

The technology stocks that have performed best over the past decade, also known as FAANG stocks, all ended in the green. apple by 3.51 percent to $151.03, formerly known as Facebook Now meta up a whopping 6.14 percent to 185.25, Amazon by 3.01 percent to 94.90, the alphabet rose 1.79 percent to 93.65 and Netflix It rose 1.06 percent to 315.18.

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The price of oil was affected by rumors coming from the Middle East

Recently, strong inventory figures from the US, as well as fear of tighter macroeconomic conditions, have kept oil prices in a vacuum.

Earlier in the day, rumors that the UAE was leaving OPEC sent oil prices down as much as 2.8 percent. However, he recovered strongly again.

According to the Wall Street Journal, there is a split in several areas between the UAE and Saudi Arabia. Among other things, there are disagreements about the direction of the Yemen war, as well as the fact that they are competing for foreign investment and who is the main power in the Persian Gulf. Formally, they are allies, but now the differences will be more noticeable.

The UAE will initially increase its production from 3.2 million barrels to 3.8 million barrels. This increase was not approved, but in the end a compromise was reached with Saudi Arabia, which allowed the UAE to increase production to 3.6 million barrels per day. Today is in April 2022, according to CNBC.

West Texas Intermediate crude oil rose 2% to $79.75 a barrel, while Brent crude rose 1.5% to $86.05 a barrel.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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