The marquee indices on Wall Street ended the previous trading week on a high. With the Dow Jones Industrial Average and S&P 500 surging, and the Nasdaq Composite falling behind.
Dow Jones Crosses 40K Mark
It was especially a landmark day for Dow Jones, as the 139-year-old index crossed the 40,000 mark for the first time in its illustrious history, which has seen 25 US presidents take oaths. The index ended Friday, May 17 at 40,003.59, after making gains of 0.34 per cent.
This development comes at the back of the inflation numbers that emerged mid-week. According to recent numbers, the monthly inflation numbers fell from 3.5 per cent in March to 3.4 per cent in April.
The Indian indices, which opened for a special trading session on a Saturday, on May 18, saw the BSE Sensex gain 0.46 per cent, or 342.22 points, to close the day 74,005.94. | Image: Wikipedia (Representative)
Businesses that had given up on the idea of interest rate cuts from the US Federal Reserve in the near future have now ostensibly renewed hope of a rate cut coming to pass. The current interest rate of the largest economy in the world is between 5.25 and 5.50 per cent.
Others US Indices Also Perform Well
Meanwhile, the S&P 500 also performed well, as the index went up by 0.12 per cent, to close the day at 5,303.27. Nevertheless, the tech-heavy Nasdaq did not follow the aforementioned indices; the index fell marginally by 0.074 per cent to close the day at 16,685.97. However, it is to be noted that Nasdaq made a 1.74 per cent throughout the week.
This optimism was relayed to other markets, especially the Indian markets as well.
The Indian indices, which opened for a special trading session on a Saturday, on May 18, saw the BSE Sensex gain 0.46 per cent, or 342.22 points, to close the day 74,005.94. Meanwhile, the NSE Nifty also ended the special session in green, as the index made a gain of 0.44 per cent or 98.15 points, to end at 22,502.00.
Nifty Bank also followed suit as the index ended the day at 48,199.50, after gaining 222.45 or 0.46 per cent.
