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Current Global Market Trends: Strong Rally in US Stocks, S&P 500 Attains New All-Time High; Netflix Registers a 12% Increase.

Strong Surge in US Stock Market Boosts Record Highs, Fueled by Netflix and Chip Stocks

In the latest trading session on Wednesday, US stocks experienced a notable upswing, propelling the S&P 500 to achieve a new all-time high, driven primarily by the impressive performance of Netflix and semiconductor-related stocks.

As of 9:49 a.m. Eastern Time, the Dow Jones Industrial Average demonstrated a gain of 89.52 points, or 0.24%, reaching 37,994.97. Meanwhile, the S&P 500 saw an increase of 22.07 points, or 0.45%, reaching 4,886.67, and the Nasdaq Composite recorded a rise of 103.43 points, or 0.67%, reaching 15,529.37.

Netflix shares soared by 12.9%, reaching a two-year high, following the release of robust fourth-quarter earnings. Concurrently, chip stocks, including Nvidia, Advanced Micro Devices, and Intel, exhibited gains ranging from 1.1% to 3.4% after European company ASML Holding surpassed quarterly earnings estimates.

Megacap stocks such as Microsoft, Amazon, and Meta Platforms observed increases ranging from 0.5% to 1.7%. Tesla also posted a modest 0.1% gain ahead of its fourth-quarter results.

At the opening bell, the Dow Jones Industrial Average rose by 69.92 points, or 0.18%, reaching 37,975.37. The S&P 500 opened higher by 23.96 points, or 0.49%, at 4,888.56, and the Nasdaq Composite gained 134.67 points, or 0.87%, reaching 15,560.61.

Meanwhile, the 10-year Treasury yield decreased to 4.09% from 4.14%, and the two-year Treasury yield saw a more pronounced decline to 4.29% from 4.38%.

In European markets, the STOXX 600 benchmark recorded a 0.9% climb. The FTSE 100 in Britain increased by 0.5% to 7,521.29, France’s CAC 40 rose by 0.9% to 7,455.05, and Germany’s DAX saw a 1.5% rise, reaching 16,879.46.

Asian stock markets also exhibited mixed trends, with Hong Kong’s Hang Seng index surging by 3.6% to 15,899.87, China’s Shanghai Composite adding 1.8% to 2,820.77, and Japan’s Nikkei 225 edging down by 0.8% to 36,226.48.

Oil prices experienced a slight increase, with Brent trading near $80 a barrel. This uptick was attributed to a Chinese economic stimulus package and geopolitical tensions, although concerns over tepid demand and a stronger dollar tempered the overall optimism. The front-month March contract for Brent crude rose by 40 cents to $79.95 a barrel, while US West Texas Intermediate crude increased by 57 cents to $74.94 a barrel.

Gold prices also saw gains, with spot gold increasing by 0.2% to $2,032.88 per ounce, and US gold futures rising by 0.42% to $2,034.30.

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