InstaForex

November 25, 2021

Wall Street Shares Close Higher Ahead of the US Thanksgiving Holiday

 Wall Street stocks ended higher in trading on Wednesday ahead of the U.S. Thanksgiving holiday as U.S. treasury yields hovered back into the high zone this year.


The Dow Jones Industrial Average was down 0.02% at 35,807.48 points while the S&P 500 was up 0.23% at 4,701.54 and the Nasdaq Composite was up 0.44% at 15,845.23.


Nvidia rose 2.9% as it bounced back from a sale of Big Tech shares earlier this week that helped offset losses in retailers while Nordstrom slipped 29% and Gap slumped 5.7% on disappointing earnings.


The pan-European STOXX 600 rose 0.1% after hitting its worst 2-month session record on Tuesday as initial momentum could be traced from gloomy German business sentiment.


The MSCI worldwide index rose 0.1 points or 0.01% and the MSCI Asia-Pacific external index outside Japan fell 1.31 points or 0.2%.


Some Federal Reserve (Fed) policymakers have called for speeding up the US central bank's bond -buying program and further action to raise interest rates should inflation soar.



The US dollar continued to strengthen and recorded a 0.34% gain after hitting its 16 -month high with expectations that the Fed will raise rates to offset inflation.


The 10 -year benchmark note increased in price for a yield of 1.6393% while the price of the 2 -year note declined to a yield of 0.647%.


The euro slipped 0.42% while European stocks ended lower for 4 consecutive days with shares of Telecom Italia leading gains despite concerns over the rise of the Covid-19 case in Europe continued to worry and the prospect of tight sanctions would prevent the market from moving smoothly.


Commodity markets, Brent crude oil prices fell 6 cents or 0.07% at $ 82.25 a barrel and US crude oil futures fell 11 cents or 0.14% at $ 78.39.


Gold prices slipped to a 3 -week low as strong US economic data supported the appreciation of the dollar and US treasury yields.


Spot gold fell 0.07% while US gold futures GCv1 remained at $ 1,784.30 an ounce.