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Thursday’s trading witnessed a rare occurrence in financial markets as both US stocks and the US dollar are rising simultaneously. This phenomenon sheds light on the surge in risk-linked assets and a key safe-haven asset concurrently.
This simultaneous rise is infrequent and typically result from a powerful event signaling significant influence on the US economy, following a batch of upbeat economic data released on Thursday, which carried a wealth of positive indicators.
The Dow Jones Industrial Average climbed to 387,568 points, gaining approximately eight points or less than 0.1%. Simultaneously, the S&P 500 reached 5,251 points, achieving gains of around four points or less than 0.1%. However, the Nasdaq, which represents heavy technology industries, turned red, recording a decline to 16,380 points, losing approximately 20 points or 0.2%.
The markets also saw significant data releases related to the U.S. economy’s performance across growth, housing, consumer confidence, and inflation.
The most crucial data points were related to inflation. The reading of the Personal Consumption Expenditures (PCE) Price Index, excluding food and energy prices, remained unchanged in the last quarter of the previous year, stabilizing at 1.8%.
This figure aligns with the reading from the same period in the previous year, as anticipated by experts.
