Major US stock indices jumped on Wall Street today, Thursday, as the Standard & Poor’s 500 index rose to an unprecedented level thanks to optimistic expectations from TSMC, which supported shares of semiconductor companies, while indicating a larger-than-expected increase in retail sales in September. / Last September indicated strong consumption in the United States.
The Dow Jones Industrial Average rose 165.37 points, or 0.38%, to 43,243.07, the S&P 500 rose 33.1 points, or 0.57%, to 5,875.62, and the Nasdaq Composite Index rose 170.1 points, or 0.93%, to 18,537.212.
The Standard & Poor’s 500 Index is witnessing a positive performance, reflecting continued optimism in the American market, supported by the strength of the technology sector and the profits of large companies such as Apple and Microsoft.
The index has increased by about 24% since the beginning of the year, a strong performance that reflects investor confidence despite economic challenges, including fluctuations resulting from inflation and the monetary policy of the Federal Reserve. Expectations indicate that the upward trend may continue until the end of the year, with expectations that the index will reach 6040 points, which, if achieved, would be an increase of 31% on an annual basis.
Retail sales
US data indicated that retail sales in the United States rose slightly more than expected in September, which supports views that the economy maintained a strong pace of growth in the third quarter.
The Commerce Department’s Census Bureau said Thursday that retail sales rose 0.4% last month after an unrevised increase of 0.1% in August.
Economists polled by Reuters had expected retail sales, which consist mostly of goods and are not adjusted for inflation, to rise by 0.3%.
Estimates ranged from no change to an increase of 0.8%.
Signs of the economy’s strength will likely not discourage the Federal Reserve from cutting interest rates again next month, but will boost expectations for a smaller cut of about 25 basis points in borrowing costs.
