Global markets update: US stocks jump over 1% on upbeat economic data

The S&P 500 climbed 53.67 points, or 1.23%, at 4,426.26 points. The Dow Jones Industrial Average rose 430.31 points, or 1.27%, at 34,415.46. The Nasdaq Composite gained 156.34 points, or 1.15%, at 13,782.82.

A report showed that US retail sales unexpectedly rose in May.

Another report showed that jobless claims were flat for the week ended June 10.

On Wednesday, Federal Reserve left interest rates unchanged at the 5%-5.25% range and indicated it may hike by at least half a percentage point this year to tame inflation. 

Microsoft Corp shares rose to a record high on Thursday on strong optimism about the prospects of artificial intelligence (AI). Its shares closed up 3.2% at $348.10 per share.

The yield on the 10-year treasury fell to 3.72% from 3.79% late Wednesday. The 2-year yield fell to 4.64% from 4.69%.

Currencies

The US dollar rose to 140.33 Japanese yen from 139.72. The euro rose to $1.0951 from $1.0834.

Canada

Canada stocks rose on Thursday as a rally in oil prices boosted energy shares.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 12.26 points, or 0.1%, at 20,027.35.

Europe

European shares fell on Thursday after the European Central Bank (ECB) increased its key rates.

The pan-European STOXX 600 index closed 0.1% lower after falling as much as 0.8% earlier in the day.

Britain’s FTSE 100 up 0.3% at 7,628.26. Germany’s Frankfurt DAX fell 0.1% at 16,290.12. France’s CAC 40 declined 0.5% at 7,290.91. 

Asia

Asian stocks surged on Thursday after the Federal Reserve paused monetary tightening and China’s central bank cut a key lending rate.

Hong Kong’s Hang Seng index up 2.2% at 19,828.92. China’s Shanghai Composite added 0.7% at 3,252.98.

Japan’s Tokyo – Nikkei 225 fell 0.1% at 33,485.49.

Australia’s S&P/ASX 200 index advanced 0.2% at 7,175.3. New Zealand’s benchmark S&P/NZX 50 index rose 0.1% at 11,687.45.

Bullion

Gold for August delivery rose $1.80 to $1,970.70 an ounce. Silver for July delivery fell 16 cents to $23.95 an ounce.

Energy prices

Brent crude for August delivery rose $2.47 to $75.67 a barrel on Thursday. US crude oil benchmark for July delivery rose $2.35 to $70.62 a barrel.

Natural gas for July delivery rose 19 cents to $2.53 per 1,000 cubic feet.

Updated: 16 Jun 2023, 02:14 AM IST