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Performance of major indexes: Will this sustain?

performance of major indexes

S&P 500 and the Dow Jones closed Wednesday flat, and indexes are on track for strong November gains. 30-stock Dow Jones saw an increase of ~13.44 points, or 0.04%, to end the session at ~35,430.42. The S&P 500 was slightly down by ~0.09% to end at ~4,550.58, with the Nasdaq Composite declining by ~0.16% to 14,258.49. As a result of strong November rally, the major market benchmarks continue to approach 2023 highs which were reached in summer. 

While global experts and traders continue to analyse the performance of major indexes, they are all set to touch a new closing high for 2023. To achieve this, the Dow Jones should increase by ~0.5% and the S&P 500 needs to rise about 0.8%. However, Nasdaq is ~0.7% away. 

While performance of major indexes are noteworthy, the growth remains supported by share price increases. On Wednesday, General Motors shares saw a strong increase of ~9.4% post the company’s announcement of $10 billion buyback. The company also raised its dividend. NetApp went up by ~14.6% as a result of earnings beat. Phillips 66′s stock grew by ~3.6% post the announcement of Elliott Investment Management taking ~$1 billion stake. 

Asia-Pacific markets traded lower on Wednesday, and the decline was led by Hong Kong markets. China’s benchmark index ended at its lowest level in over a month. This was seen because investors continue to assess earnings and comments from the US Fed Board members. Mainland Chinese CSI 300 index saw a decline of ~0.86% to end the session at ~3,488.31. This was the lowest level since late October. Hong Kong’s Hang Seng index fell by ~2.47% in the final hour. 

Elsewhere, Australia’s S&P/ASX 200 ended higher as the index extended gains to increase by ~0.29% to end at ~7,035.3. This was seen because Australia’s overall inflation rate for October came at ~4.8%, the lowest rate since the month of January 2022. 

Japan’s Nikkei 225 declined by ~0.26% to close at ~33,321.22. With this, the index saw the 3 straight days of losses. 

In India, the benchmark indices saw strong ending on November 29 as Nifty surpasses the ~20,000 levels for the first time after 20th Sept. By the close, the BSE Sensex went up by ~727.71 points or 1.10% to 66,901.91, and the Nifty 50 saw an increase of ~206.90 points or 1.04% to ~20,096.60.

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I'm Ved Prakash, Founder & Editor @Newsblare Media, specialised in Business and Finance niches who writes content for reputed publication such as Investing.com, Stockhouse.com, Motley Fool Singapore, etc. I'm the contributor of different... news sites that have widened my views on the current happenings in the world.

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