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Dow rises, tries for 5-day winning streak in last day of August: Live updates

// August 31st, 2023 // Comments Off on Dow rises, tries for 5-day winning streak in last day of August: Live updates // Daily News

The Dow Jones Industrial Average rose Thursday, the last day of the month, as Wall Street tried to stretch a late-August winning streak to five sessions.

The Dow climbed 110 points, or 0.3%. The S&P 500 gained 0.3% while the Nasdaq Composite added 0.5%.

The Dow got a boost from Salesforce. Shares advanced more than 5% after the software company announced fiscal second-quarter results and third-quarter guidance Wednesday that exceeded analysts’ expectations.

Investors are coming off a positive session, with the S&P 500, Dow and Nasdaq notching a four-day winning streak. Those gains helped the major indexes trim their monthly losses. All three benchmarks are down more than 1% month to date, but have trended higher in recent days as traders signal a late August rally.

Traders on Thursday also pored over new U.S. inflation data. The core personal consumption expenditures index increased 0.2% month-over-month in July and 4.2% year over year, matching estimates from economists polled by Dow Jones. The core PCE is a closely watched inflation indicator by the Federal Reserve.

“Markets are taking the inflation report in stride,” said Jeffrey Roach, chief economist for LPL Financial. “Although somewhat disappointing within the details of today’s report, the Fed will not likely change its plan to keep rates unchanged at the September meeting.”

Friday August 18, 2023

// August 18th, 2023 // Comments Off on Friday August 18, 2023 // Daily News

China’s property giant Evergrande files for bankruptcy protection in Manhattan court

KEY POINTS

  • China’s heavily indebted property developer Evergrande Group on Thursday filed for Chapter 15 bankruptcy protection in a U.S. bankruptcy court.
  • In a filing to the Manhattan bankruptcy court, the firm sought recognition of restructuring talks underway in Hong Kong, the Cayman Islands and the British Virgin Islands.
  • The world’s most indebted property developer defaulted in 2021 and announced an offshore debt restructuring program in March.

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