by Chuck Mikolajczak
NEW YORK (Reuters) – The New York Stock Exchange ended Monday slightly higher, enough to close at the highest levels of the year, at the start of a week marked by two major events for the American markets: the figures inflation in November in the United States and the monetary policy meeting of the Federal Reserve.
The Dow Jones index gained 0.43%, or 157.06 points, to 36,404.93 points.
The broader S&P-500 gained 18.07 points, or 0.39%, to 4,622.44 points.
The Nasdaq Composite advanced 28.51 points (0.20%) to 14,432.49 points.
Investors are increasingly convinced that the Fed is done with its interest rate hikes and that it could begin a cycle of cuts starting in the first half of next year. This perspective has contributed to the good health of the stock markets for several weeks.
Market participants will closely monitor the November consumer price index in the United States which will be published on Tuesday, even if it is not expected to have an immediate impact on the monetary policy decision which will be announced the following day by the Federal Reserve.
The markets are almost certain that the Fed will leave its rates unchanged on Wednesday but the inflation figures published on Tuesday could give indications on the possible evolution of monetary policy in the United States.
In terms of values, the Philadelphia semiconductor index rose to its highest since January 2022 with an increase of 3.4%, driven by the 9% jump in Broadcom, Citigroup having resumed its coverage on the title to “purchase”.
Cigna, a health insurance specialist, for its part jumped 16.68% after abandoning its plan to acquire Humana (-1.04%) and announcing on Sunday its intention to buy back for $10 billion additional of his actions. Jefferies further raised its recommendation on the stock from “hold” to “buy”.
Macy’s soared 19.4%. According to a source, a consortium of investors led by Arkhouse Management and Brigade Capital has submitted a $5.8 billion offer to delist the department store chain.
(Written by Chuck Mikolajczak, Bertrand Boucey)
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