Market Overview

US Indexes extended gains- A wrap up of the market’s performance

US Indexes extended gains

Wall Street stocks extended their rally on Wednesday (15th November 2023) as investors continued to embrace idea that cooling down of inflation should put interest rate hikes on the pause. Dow Jones Industrial Average ended the day higher, with the index increasing by ~0.5%. Benchmark S&P 500 went up by ~0.2%, while the Nasdaq Composite closing barely above the flat line. With the yesterday’s movement, the Dow Jones has now increased over 4 straight days and has reached its highest levels since 14th August. 

Elsewhere, cryptocurrencies saw a significant rally too. Th largest cryptocurrency in the world, Bitcoin, went up by over ~6% to cross $37,000 per coin. In commodities, oil prices saw a decline as West Texas Intermediate touched $76.51 per barrel and Brent Crude declined to just below $81 per barrel. 

US Indexes extended gains because of the surprise easing in the US price pressures, which further strengthened the narrative that the US Federal Reserve should maintain the interest rates at the current levels. Some experts believe that the apex bank might even start cutting them early 2024. Data which was released on Wednesday reiterated the bets as October wholesale prices saw largest monthly decline in 2.5 years. October’s retail sales report exhibited the first monthly fall in sales since the month of March. 

As US Indexes extended gains, the are certain shares which came under the investors’ focus.

Shares of Target went up by ~16% post their 3Q earnings report, which surpassed estimates. The leading retailer hinted to the resilience of the US consumer as the borrowing costs continue to increase. 

Shares of Intel (INTC) shares increased by more than ~3%, with semiconductors coming into focus after the launch of new chip from Microsoft. Shares of Intel paced for its highest close since the month of July 2022. 

Chinese e-commerce stocks Alibaba (BABA) and JD.Com (JD) closed higher, with posting sales higher than the analysts’ expectations. Shares of went up by over ~8% and Alibaba shares grew by 3% as the result of the news. Alibaba should release results on Thursday before the opening bell. 

Financials sector went up by ~0.8%, leading the 11 sectors. This comes after the bank stocks led the rally for the 2nd straight day. 

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CEO & Editor
I'm Ved Prakash, Founder & Editor @Newsblare Media, specialised in Business and Finance niches who writes content for reputed publication such as,, 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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