World markets today: US stocks gain on strong GDP data, Tesla plunges 9%

US stock indices gained on Thursday after a strong economic growth in the fourth quarter.

At 9:45 a.m. ET, the Dow Jones Industrial Average was up 81.36 points, or 0.22 per cent, at 37,887.75, the S&P 500 was up 15.31 points, or 0.31 per cent, at 4,883.86, and the Nasdaq Composite was up 49.29 points, or 0.32 per cent, at 15,531.21.

According to an initial estimate by the US government, the economy grew at a 3.3 per cent annual rate in the last quarter of 2023.

The Dow Jones Industrial Average rose 56.18 points, or 0.15 per cent, at the open to 37,862.57. The S&P 500 opened higher by 18.11 points, or 0.37 per cent, at 4,886.66, while the Nasdaq Composite gained 73.70 points, or 0.48 per cent, to 15,555.62 at the opening bell. 

Tesla stock plunged 9.2 per cent and was on track to lose about $50 billion in value following its warning of a sharp drop in growth this year.

Boeing fell 4.5 per cent after the US Federal Aviation Administration barred the planemaker from expanding production of its 737 MAX narrowbody planes.

Shares of IBM climbed over 12 per cent after the IT company reported a stronger profit for the December quarter.

On Wednesday, the Dow Jones Industrial Average fell 99.06 points, or 0.26 per cent, to 37,806.39, the S&P 500 gained 3.95 points, or 0.08 per cent, to 4,868.55 while the Nasdaq Composite gained 55.98 points, or 0.36 per cent, to 15,481.92.

The yield on the 10-year Treasury slipped to 4.13 per cent from 4.18 per cent late Wednesday.

In Europe, stock markets were moving modestly after the European Central Bank (ECB) held interest rates steady. The pan-European benchmark STOXX 600 was down 0.3 per cent.

In Asia, stocks jumped after China authorities made moves to bolster financial markets and the economy. 

Stocks in Hong Kong rose 2 per cent and 3 per cent in Shanghai.

Oil prices rose to an eight-week high on falling US inventories, Chinese stimulus and an attack on a Russian refinery. Brent crude futures were up 86 cents, or 1.1 per cent, to $80.90 a barrel at 1325 GMT, while US West Texas Intermediate crude was up 92 cents, or 1.2 per cent, to $76.01 a barrel.

Gold prices edged higher on Thursday, helped by a slight fall in the dollar.

Spot gold was up 0.2 per cent to $2,015.51 per ounce by 1241 GMT. US gold futures were unchanged at $2,015.70.



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Published: 25 Jan 2024, 08:16 PM IST

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