Dow Jones index rises more than 300 points, but records weekly losses

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Friday, January 20, 2023 - 21:44
Point Trader Group

Dow Jones index rises more than 300 points, but records weekly losses

US stocks rose at the end of the week's trading, following the economic data and the statements of Federal Reserve officials.

At the end of the session, the Dow Jones index rose by 1%, or 333 points, to 33,375 points, but it recorded weekly losses of about 2.8%.

While the S&P500 rose by 1.89%, recording 3,972 points, while the Nasdaq closed up by 2.66%, to 11,140 points, achieving a weekly gain of 0.76%.

Economic data showed that sales of existing homes in America declined for the 11th consecutive month, recording the lowest level in 11 years.

For her part, Janet Yellen, US Treasury Secretary, said that Congress should raise the debt ceiling, stressing that failure to achieve this will lead to default.

Christopher Waller, a member of the Board of Governors of the Reserve System, said that if the Fed managed to reduce inflation with a shallow short-term recession, that would not be a bad thing.

Netflix shares rose 8.46% at the end of the session, after it added more-than-expected new subscribers in the fourth quarter.


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