Thursday, February 22, 2024
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Dow Rises By 300 Points

As traders celebrated the resurgence of Wall Street’s IPO market and a respectable set of economic statistics, the Dow Jones Industrial Average rose to its highest level in more than a month.

The Dow rose 331.58 points, or 0.96%, to 34,907.11, marking the first day of gains in three. The 30-stock index reached its 50-day moving average for the first time since September 1 by closing above it. Furthermore, it was the blue-chip average’s strongest day since August 7th.

The S&P 500 increased by around 0.84% to 4,505.10, and the Nasdaq increased by about 0.81% to 13,926.05.

Following the start of trade on Thursday, shares of Arm rose 24.7%. Investors are hopeful that the year’s largest tech sale will help to revitalise the sluggish IPO market. The price per share for Arm’s IPO was $51 on Wednesday. It finished at $63.59 per share on its first trading day.

According to Art Hogan, chief market strategist at B. Riley Financial, “the successful IPO of Arm undoubtedly increases confidence.”

“While it’s hardly the largest deal we’ve ever seen, it was priced fairly and is holding up well. Having that behind us gives us some hope that the capital markets window will reopen after being essentially shut for the last 18 months, Hogan continued.

Source (CNBC)

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