US stocks closed today’s trading mixed. The Dow Jones index lost 0.36 percent to 51,863.69 points, the broader S&P 500 index remained almost unchanged at 7,764.64 points, while the Nasdaq Composite rose by 0.45 percent to 27,244.28 points and closed at a new record high.
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Tech companies boosted the Nasdaq
The rise of the Nasdaq index was driven largely by shares of chipmaker Micron Technology and other companies operating in the field of artificial intelligence. Shares of auto parts retailer AutoZone also gained significantly, after its quarterly profit beat analysts’ expectations. The company’s chief, Phil Daniele, also expressed optimism about future revenue growth.
Shares of some oil companies, on the other hand, weakened due to falling oil prices. Bank stocks also headed lower. Shares of JPMorgan Chase, which is the largest bank in the United States by asset volume, fell by more than three percent.
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Dollar strengthened on prospects of further rate hikes
On the currency market, the US dollar strengthened. Against a basket of major currencies, it climbed to its highest level since the end of July, though it later gave back some of its gains. Around 10:00 p.m. CEST, the euro was down roughly 0.1 percent against the dollar, trading near 1.1450 USD. The dollar index was hovering near 100.50 points and rose during the day to as high as 100.70 points, its highest level since July 30.
The dollar has recently been benefiting from prospects of further interest rate hikes in the United States. The US central bank raised its benchmark rate last week by a quarter percentage point to a range of 3.75 to 4.00 percent. Its officials have also signaled that they expect further rate increases in the coming months.
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Source: ÄŒTK
