Chile and US Stock Markets Lose Momentum, but Dow Jones Closes Week at New Historic Highs
Presidents of the Cleveland, New York, and Richmond Federal Reserve banks agreed there is still not enough confidence to consider easing.
The index of 30 mega-cap companies ended Friday’s session above 40,000 points for the first time, despite most other stock indices not showing significant gains.
The Santiago and New York stock markets maintained their record levels this Friday, with little change, as investors awaited new information that could guide their positions on future Federal Reserve rate moves.
However, the Dow Jones rose 0.34% to 40,003.59 points, marking the first time the index of 30 mega-cap companies closed above 40,000 points. The S&P 500 gained a slight 0.12%, and the Nasdaq Composite closed flat, both remaining at record levels.
Chile’s S&P IPSA increased 0.11% on Friday and 0.28% for the week, closing at 6.658,98 points. Measured in dollars, the weekly gain was 3.33% due to the strong appreciation of the Chilean peso.
Following a new surge in the New York Stock Exchange (with the S&P up 1.48% for the week), Wall Street took a breather yesterday. This pause was prompted by Federal Reserve officials who tempered market enthusiasm, which had anticipated more than one interest rate cut this year.
The presidents of the Cleveland, New York, and Richmond Federal Reserve banks agreed that there is still not enough confidence to consider easing credit.
While European stock markets saw moderate declines, Chinese markets closed with strong gains after Beijing announced historic stimulus measures for the real estate sector, which had shown no signs of recovery in April.
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