US stocks rose Thursday after market leader Nvidia and a number of other companies reported even higher-than-expected profits.
The S&P 500 fluctuated between gains and losses multiple times during the day before pulling up 0.5 per cent. Bitcoin briefly broke above USD 99,000, supported by banks, smaller businesses, and other sectors of the stock market that typically perform best in a robust economy. In contrast, crude oil kept rising.
The Nasdaq composite had a slight increase of less than 0.1 per cent, while the Dow Jones Industrial Average had a 1.1 per cent increase.
The S&P 500
The broad representation of the US markets, S&P 500 rose after biggest company in the world Nvidia declared its Q2 FY25 earnings. The optimist and pessimist investors, both were trying gain control over the index, eventually the tug of war for the index was won by the optimist bullish investors, after the index hit the opening bell at 5,940.58 points.
S&P 500 went on to touch the day-high level of 5,963.32 points, after trembling start at the bourses, the opening saw index opening at 5,940.58 but quickly went under the closing bell level of 5,917.11 points, to touch the day-low of 5,917.11 points. The index concluded at 5,948.71 points with 0.53 per cent amounting to a 31.60 points on the US bourses.
Nasdaq Composite
The tech heavy index Nasdaq Composite, comprising of tech titans like AI chip manufacturer Nvidia, e-commerce giant amazon along with apple and members of the magnificent seven, rang the opening bell in green territory but quickly slipped into a negative trade zone, went to touch the day-low 18,714.06 points. The Index concluded at 18,972.42 points with surge of 0.033 per cent, amounting to 6.28 points.
The index stayed decisive, both bulls and bears were trying to take control of the index which resulted in a flat move, after hitting the opening bell at high note index quickly changed parties, in later half of the trading session the index barely stayed above the closing bell of previous trading day, which stood at 18,966.14 points.
Dow Jones Industrial Average
The oldest index on the US bourses the Dow jones Industrial average, saw a stellar move compare to the other indices, on the us bourse. The optimism boost triggered by President elect Donald trump vanished, which resulted in a bad week for the index, recovery started in Nasdaq and S&P 500 initially, Dow jones picked up the pace after the other indices.
The Dow jones rang the opening bell at 43,538.70 points before it went to touch the day high level of 44,020.31 points, the opened with a bulls taking over the index propelling the index to the higher note on the bourse. The index concluded at 43,870.35 points rocketed up 1.06 per cent amounting to a 461.88 points on the bourses.
Crypto markets
According to CoinDesk, bitcoin briefly surpassed USD 99,000 in the cryptocurrency market before reversing course and falling back toward USD 98,000. Its increase has accelerated since Election Day, and it has more than doubled so far this year. Donald Trump, the incoming president, has promised to establish a ‘strategic reserve’ of bitcoin and turn the nation into ‘the crypto capital of the planet.’
SEC chair stepping down
The Securities and Exchange Commission chair Gary Gensler announced on Thursday that he would step down in January, which further boosted Bitcoin. Gensler has advocated for additional safeguards for cryptocurrency investors.
There is a well-known history of significant price fluctuations in both directions for Bitcoin and related investments. MicroStrategy, a business that has been raising money specifically to purchase bitcoin, saw its stock drop 14.6 per cent early Thursday. It finished the day with a loss of 16.2 per cent.
