Oddbean

Wall Street closes higher on strong US economic data ========== On September 26, 2024, Wall Street closed higher with the S&P 500 reaching a record closing high of 5,745.37, up 23.11 points (0.40%). The Dow Jones Industrial Average rose 260.36 points (0.62%) to 42,175.11, and the Nasdaq Composite increased by 108.09 points (0.60%) to 18,190.29. Micron Technology shares surged 15.78% after projecting strong first-quarter revenue, contributing to a 3.77% rise in the Philadelphia SE Semiconductor index. Weekly jobless claims fell, indicating a steady labor market, and GDP growth was confirmed at 3% for Q2 2024. Seven of the 11 S&P 500 sectors rose, led by materials (+1.97%). Energy stocks fell by 2% due to declining crude prices. Fed Governor Adriana Kugler expressed support for recent monetary policy easing, with investors favoring a potential 50-basis point rate cut. U.S.-listed Chinese firms saw gains, with Li Auto up 7.13% and Alibaba up 10.08%. Overall, advancing issues outnumbered decliners by a 1.94-to-1 ratio on the NYSE. #WallStreet #S&p500 #DowJones #Nasdaq #MicronTechnology #EconomicData #JoblessClaims #Gdp #FederalReserve #StockMarket https://www.nst.com.my/business/economy/2024/09/1111375/wall-street-closes-higher-strong-us-economic-data