PARIS (Reuters) – The New York Stock Exchange rose on Monday ahead of the release of key economic indicators later this week. In early trading, the Dow Jones index gained 178.64 points, or 0.52% to 34,524.36 points and the broader Standard & Poor’s 500 rose 0.49% to 4,427.48 points. The Nasdaq Composite takes 0.75% or 101.82 points, to 13,692.47 points. On Friday, Jerome Powell insisted on the resistance of the American economy to rate hikes, confirming the scenario of a longer period than anticipated by the markets of high interest rates, while agreeing that progress had been made. to bring inflation back to its target. In fact, the US economy is showing resistance to rate hikes, with the treasurer citing the strength of the labor and housing markets, two major components of inflation, in his statements. Data due this week will help clarify the economic outlook, as inflation and the Labor Department’s monthly jobs report are due out on Thursday and Friday, respectively.
The consensus is for a slight increase in core inflation in July, but an increase in jobless claims, which would be an encouraging signal. On the stock side, 3M jumped 6.0% following a report that the conglomerate tentatively agreed to pay more than $5.5 billion to resolve lawsuits against its defective combat earplugs. The US Federal Trade Commission has suspended its challenge to Amgen’s purchase of Horizon Therapeutics for $27.8 billion, with Amgen taking 5.73%.
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(Written by Corentin Chapron, edited by Blandine Hénault)
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