Stock markets are crashing again
Add to that, in economic news, initial jobless claims increased by 3,000 to 217,000 in the week ending October 22, according to the Bureau of Labor Statistics. This increase does not necessarily mean that the labor market is strong and healthy. When economic growth begins to decline, companies reduce hiring before they start laying off existing employees.
In other data, US gross domestic product rose 2.6%, its first quarterly gain this year, before the expected 2.4% increase in a poll compiled by Bloomberg. Other data showed that durable goods orders rose 0.4% in September.
Meanwhile, the third-quarter reporting season is advancing at full speed, with big gains for Caterpillar Inc., CAT Inc., Honeywell International, HON and other Dow-listed companies after a round of upbeat results helped boost the blue-chip index’s gains.
Separately, the European Central Bank announced a widely expected increase in interest rates by 75 basis points to 1.5% as expected on Thursday.
On the other hand, the Dow index reached a record level from the technical analysis side, as it reached a strong support level at the price of 29.288.19. The Dow Jones index rebounded from the borders of this technical area, as it was targeting the second support level at the price of 26,231.45, but it rose Prices before reaching the second support point from which the price is expected to rebound in the event of a decline.
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