The New York stock market rose for the third consecutive trading day on strong tech shares.
The Dow Jones 30 industrial average closed at 34,823.35, up 25.35 points (0.07 percent) from the battlefield on the New York Stock Exchange (NYSE) on the 22nd (Eastern Time).
The Standard & Poor’s 500 rose 8.79 points (0.20 percent) to 4367.48, while the tech-heavy Nasdaq rose 52.64 points (0.36 percent) to close at 14,684.60.
U.S. economic indicators, including the number of weekly unemployment insurance claims announced on the same day, were generally sluggish.
It is believed that there has been a series of backlash buying due to the recent fall.
The U.S. Department of Labor announced that the number of unemployment insurance claims for the week ended on the 17th was 419,000, up 51,000 from the previous week on a seasonally adjusted basis.
The figure is 69,000 more than 350,000 experts estimated by the Wall Street Journal. The number of unemployment insurance claims for the week ended on the 10th has been raised from 360,000 to 368,000.
The June U.S. activity index, released by the Federal Reserve Bank of Chicago, stood at 0.09, slowing from 0.26 a month earlier. It was slower than analysts’ expectations of 0.3 percent.
The June leading index, released by the Conference Board, rose 0.7 percent from the previous month to 115.1, slowing the previous month’s rise from 1.2 percent. Experts forecast a 0.8 percent rise.
On the same day, the European Central Bank (ECB) decided to freeze its policies and maintain a relaxed stance. The ECB said it would keep interest rates at or below the current level until it reached its inflation target of 2 percent.
The 10-year government bond rate fell slightly due to sluggish indicators, reaching 1.26 percent.
According to the Refinitive tally, 15 percent of the S&P500 companies that have announced their performance so far reported net income above expectations and 84 percent reported sales above expectations.
Technology stocks rose 0.7 percent in each industry, leading the rise, while health, random consumer goods and telecommunications-related stocks also showed strong performance. Energy and financial shares fell more than 1 percent.
According to the Chicago Mercantile Exchange (CME) Fed Watch, the Federal Fund (FF) rate futures market reflected a 3.5 percent increase in the 25 bp base rate in March next year.
On the Chicago Option Exchange (CBOE), the Volatility Index (VIX) fell 0.22 points (1.23%) to 17.69.
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