Dow Jones soars to top US stock market since February

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Dow Jones Industrial climbed over 34,000 points for the first time in ten days, hitting a two-and-a-half-month high in the final minutes. Ultimately, the leading US index rose 0.80 percent to 34,098.16 points. This results in a weekly gain of about 0.9 percent. In April trading, the Dow posted a gain of around 2.5 percent.

Across the market, the S&P 500 rose 0.83 percent to 4069.48 points on Friday. The Nasdaq 100 rose 0.65 percent to 13,245.99 points.

The market said investors were nervous about the uncertainty over possible further rate hikes by the US Federal Reserve, after fresh inflation data on Friday raised the possibility of an increase next week and possibly in June.

Labor costs increased more than expected in the first quarter. The better-than-expected Chicago Purchasing Managers Index for April provided some positive momentum.

Shares of Intel rose four percent as the Dow leader. The semiconductor and data center maker reported a drop in sales and billions in losses in the first quarter, but analysts had expected worse.

By contrast, Amazon’s shares tumbled four percent after the quarterly report. The online retailer kicked off the new fiscal year with a surprisingly significant increase in sales.

Snap shares fell 17 percent. At the company, known for its photo app Snapchat, sales fell seven percent last quarter. Previously, the service was known for explosive growth.

(SDA)

Source :Blick