Saturday, September 30, 2023

Wall St closed higher after US economic data, SoftBank’s Arm rose in its debut

By Noel Randewich

September 14 (Reuters) – Wall Street’s main indexes closed with gains on Thursday, as better-than-expected economic data eased fears of a recession and dampened hopes for on the Fed’s halt in rate hikes this month, while Arm Holdings soared in its stock market debut.

* Shares of SoftBank’s Arm Holdings rose sharply on their first day of trading, lifting the chip designer to a value of nearly $60 billion in its strong debut on the Nasdaq index.

* Retail sales rose more than expected in August in the United States as gasoline prices rose, while initial claims for state unemployment benefits rose to 220,000 in the week ending in September. 9, compared to 217,000 last week.

* Data showed on Wednesday that the annual increase in core consumer prices, which excludes volatile items such as food and energy, was the smallest in nearly two years.

* “Today’s economic data confirms the path to a soft landing, but there is no positive that the Fed thinks they need a couple more rate hikes,” said Ross Mayfield, strategy analyst of Baird’s investment. “Overall, it’s very optimistic.”

* According to preliminary data, the Dow Jones Industrial Average rose 339.00 points, or 0.98%, to 34,914.53 units; while the S&P 500 gained 37.74 points, or 0.84%, to finish at 4,505.18 units. The Nasdaq Composite rose 339.00 points, or 0.98%, to 34,914.53.

* Traders see a 97% chance of the Federal Reserve holding rates at its Sept. 20 policy meetings and a 67% chance of a pause in November, according to CME’s FedWatch tool.

* Visa fell after the payment processing giant said it was in talks with Class B shareholders about a proposal to convert its shares into Class C or Class A.

(Reporting by Ankika Biswas, Shristi Achar A and Medha Singh in Bengaluru, and by Noel Randewich in Oakland, California; Editing in Spanish by Aida Pelaez-Fernandez)

World Nation News Desk
World Nation News Desk
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