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As on : 14-Oct-2024

Market Commentary - Foreign Markets
14-Oct-2024 11:58

US stocks end week on upbeat note

The US stocks stayed broadly supported with the Dow and the S&P 500 reaching new record closing highs on Friday. The Dow soared 409.74 points or 1.0 percent to 42,863.86, the S&P 500 jumped 34.96 points or 0.6 percent to 5,815.03 and the Nasdaq rose 60.89 points or 0.3 percent to 18,342.94. For the week, the Dow surged by 1.2 percent, while the Nasdaq and the S&P 500 both spiked by 1.1 percent.

Markets gave positive reaction to a Labor Department report showing producer prices in the U.S. were unchanged in September. The Labor Department said its producer price index for final demand came in flat in September after rising by 0.2 percent in August. The annual rate of growth by producer prices slowed to 1.8 percent in September from an upwardly revised 1.9 percent in August. This has reinforced optimism the Federal Reserve will continue lowering interest rates in the coming months.

US stocks were also boosted by positive earnings from major banks.

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