PARIS (Reuters) – The New York Stock Exchange opened higher on Friday, with markets welcoming less than expected growth in the American producer price indicator last month.
In early trading, the Dow Jones index gained 107.44 points, or 0.28% to 37,797.55 points and the broader Standard & Poor’s 500 rose 0.33% to 4,795.82 points. The Nasdaq Composite takes 0.26% or 31.30 points, to 15,003.214.
The less significant rise than expected in producer prices in the United States published on Friday, which show a dissipation of pressures on costs, relieved investors after a stronger than expected CPI inflation indicator on Thursday.
Following the publication of the indicator, money markets raised the probability of a Federal Reserve rate cut in March to 86%, compared to an estimate of 70% earlier in the day.
The results of JPMorgan Chase, Bank of America, and Citigroup fell in the fourth quarter, under pressure from charges linked to bank failures. Wells Fargo benefited from its cost-cutting efforts, but warned of a decline in its results in 2024.
In terms of values, BofA lost 2.14% after its results.
Tesla fell by 2.89% after announcing a sharp reduction in production at its factory near Berlin, tensions in the Red Sea complicating the delivery of spare parts.
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(Written by Corentin Chappron, edited by Kate Entringer)
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