New York:
Global stocks rose on Thursday after a four-session low to end 2024, while the dollar strengthened after economic data pointed to the U.S. labor market being on solid footing.
On Wall Street, U.S. stocks were higher in early trading, with the S&P 500 on track to end a four-session losing streak through the end of 2024. Gains were led by the energy and communications services sectors, which each posted gains. 1%
“Investors are optimistic that the golden locks scenario will be the story of 2025, amid promises of lower taxes and deregulation in Trump’s second presidency,” said Susannah Streeter, head of money and markets at Hargreaves Lansdowne.
The Dow Jones Industrial Average added 115.48 points, or 0.26 percent, to 42,655.29, the S&P 500 gained 21.65 points, or 0.38 percent, to 5,903.94 and the Nasdaq Composite added 80.30 points, or 0.30 percent. 19,393.01. European stocks edged higher after a slow start to the session, also buoyed by energy names.
MSCI’s gauge of stocks across the globe rose 1.84 points, or 0.23%, to 843.38 and was on track for its biggest daily percentage gain since Dec. 24. Europe’s Stoxx 600 index rose 0.3%.
The dollar jumped to a two-year high on Thursday, building on last year’s strong gains on expectations that growth in the U.S. economy will outpace its peers, the Federal Reserve’s slow pace of rate cuts. Increase in rates while keeping on track and interest.
The dollar index, which measures the greenback against a basket of currencies including the yen and euro, rose 0.46% to 109.04, its highest since Nov. 10, 2022, after climbing to 109.12.