(Reuters) – The New York Stock Exchange opened in the green on Thursday, with stocks continuing to rise after the Federal Reserve (Fed) held rates steady the day before and signaled that borrowing costs would be higher. low in 2024.

In early trading, the Dow Jones index gained 86.71 points, or 0.23%, to 37,176.95 points and the broader Standard & Poor’s 500 rose 0.44% to 4,727.88 points.

The Nasdaq Composite gained 0.49%, or 72.24 points, to 14,806.21.

The markets remain optimistic while the Fed, as expected, maintained its rates on Wednesday for the third consecutive time, its president Jerome Powell also showing a tone considered accommodating by signaling that the cycle of monetary tightening was coming to an end, with costs borrowing likely to fall next year.

Markets now see an 83.3% chance that rates will be cut by at least 25 basis points in March 2024, up from around 50% before the Fed’s decision, while almost entirely forecasting another reduction in May, according to CME Group’s FedWatch tool.

The publication of new economic indicators on Thursday also reinforced the hypothesis of a soft landing for the American economy as the end-of-year holidays approach.

Retail sales in the United States posted an unexpected increase in November, while jobless claims fell in the week ending December 9.

“Hopes for a soft landing rest largely on the strength of the consumer and the economy’s ability to emerge from recession. As long as the consumer is strong, that’s good news for the liberal camp. “soft landing,” said Chris Zaccarelli, an analyst at Independent Advisor Alliance.

In terms of values, Adobe, the manufacturer of Photoshop software, lost 6% after announcing on Wednesday that it expected annual and quarterly turnover lower than expectations.

The Moderna laboratory increases by around 11%, after a positive experimental result for its vaccine against melanoma.

*For values ​​to track, click

(Writing by Diana Mandiá, editing by Kate Entringer)

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