(New York) The New York Stock Exchange ended the first session of a shortened week on Tuesday, in a sparse end-of-year market.
The Dow Jones index advanced 0.43% to 37,545.33 points, the tech-heavy NASDAQ gained 0.54% to 15,074.57 points, and the S&P 500 rose 0.42% to 4,778. .10 points.
“Today’s session is part of the Santa Claus bull market,” the traditional period of gains that generally occurs during the last five trading sessions of the year, said Patrick O’Hare of Briefing.com.
Investors’ momentum was driven by the prospect of interest rate cuts from the American central bank (Fed) in 2024 while inflation is declining in the United States. The markets are convinced that the Fed will begin to loosen its monetary policy in March.
Since the start of the year, the three stock indexes have posted double-digit growth, even reaching a 40% increase for the NASDAQ. The S&P 500, the most representative index of the market, is approaching its all-time high from January 2022 after two months of continuous daily increases.
On the bond market, ten-year yields remained stable at 3.89%.
On the stock market, the market digested two buyout announcements in the pharmaceutical sector.
The American group Bristol Myers Squibb (-1.63%) will buy the radiotherapy products company Rayzebio for $4.1 billion. Its stock soared 100% to close at $61.40, approaching the amount offered per share ($62.50).
Furthermore, the British laboratory AstraZeneca announced the acquisition of Gracell Biotechnologies based in China, for $1.2 billion. Gracell shares listed on Wall Street gained 60% to $9.92. Those of AstraZeneca changed little (+0.32%). The London market remained closed on Tuesday.
Microprocessor giant Intel climbed 5.21% to $50.50 after confirming it would invest $25 billion in a manufacturing unit in Israel, aided by the Israeli government to the tune of $3.2 billion. .
Apple’s action (-0.28%) was barely disturbed by the ban on sales in the United States of certain models of its connected watch for a question of patent violation.
The suspension of the sale was pronounced on December 18 by the American International Trade Commission and on Tuesday, the Biden administration having not vetoed this decision, the ban came into force.
The Manchester United football club, listed in New York, rose 3.45%.
The Glazer family sold part of the English club to British billionaire Jim Ratcliffe, founder of the petrochemical group Ineos, wanting to restore it to its former glory.
The American owners remain in control, but the sale of 25% of the shares to the 71-year-old industrialist represents a first significant disengagement since their arrival in 2005.
Chinese electric car maker Nio saw its shares jump almost 11% to $9.33 after introducing a new vehicle model.
Shares of express carrier FedEx rose 1.66% as the group launched a billion-dollar share buyback program.