The S&P 500 index achieved its highest close in 16 months
US indices closed collectively higher in Tuesday’s session, supported by major technology stocks, a day before the US Federal Reserve meeting and its expected decision to increase interest rates by 25 basis points.
In terms of economic data, a survey showed that consumer confidence rose to a two-year high in July, amid continued optimism about the labor market despite concerns about a recession.
The performance of the main US indices:
The Dow Jones index rose by 0.08%, equivalent to about 26 points, recording gains for the 12th session in a row, and achieving its highest closing in 18 months.
The S&P 500 rose by 0.3%, achieving its highest close in 16 months, and the Nasdaq Composite Index rose 0.6%, closing above 14,100 points.
Microsoft stock:
Microsoft shares rose by 1.7% in Tuesday’s session, adding about $44 billion to its market value in one day, supported by the artificial intelligence mania.
And the great momentum on the shares of the company began since OpenAI, supported by Microsoft, launched ChatGPT in late 2022 amid expectations that the new products will help the technology giants compensate for the slowdown in their cloud business.
After the session, the company announced profits that exceeded expectations for the second quarter, after earnings per share amounted to $2.69, compared to expectations of $2.55, and revenues reached $56.19 billion, compared to expectations of $55.47 billion.
RTX stock
RTX shares fell more than 10% in Tuesday’s session, hitting a 9-month low, after it said that many of its engines powering the Airbus A320neo will need “rapid removals and inspections.”
