Investors turned away from technology, while the dollar strengthened on the foreign exchange market.
Mixed development on stock markets
Stocks in the United States closed mixed today. Investors turned away from technology. The dollar strengthened on the foreign exchange market.
The Dow Jones index, which includes the stocks of thirty leading US companies, rose 0.47 percent to a record 46,924.74 points. The broader S&P 500 index closed almost unchanged at 6,735.35 points. The Nasdaq Composite technology market index fell 0.2 percent to 22,953.67 points. General Motors, GE Aerospace, 3M, and Coca-Cola reported favorable third-quarter financial results.
Company results and the impact of economic data
“I think what’s driving stocks today is solely third-quarter earnings, with many of the companies in the Dow Jones index, such as 3M and General Motors, being the driving force,” said Sam Stovall, an analyst at CFRA Research in New York. He added that this will continue until the government shutdown ends and the markets start receiving quality economic data.
On the foreign exchange market, the dollar strengthened, benefiting from the weakness of the yen. The Japanese currency fell to a weekly low after Sanae Takaichi became prime minister, promising aggressive budget spending to support the domestic economy and criticizing interest rate hikes in Japan.
Shortly before 10 p.m. CEST, the dollar index, which expresses the value of the dollar against a basket of six major world currencies, added 0.35 percent to 98.93 points. The dollar strengthened by 0.8 percent against the yen to 151.94 JPY. The euro fell 0.35 percent against the dollar to 1.1601 USD.
Source: ČTK
