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Traders work on the floor of the New York Stock Exchange during afternoon trading on January 17, 2024 in New York City.
Michael M. Santiago | Getty Images News | Getty Images
Dow ends three-day decline
The blue-chip Dow Jones Industrial Average rose on Thursday after three consecutive days of losses, and other major indexes also ended higher. Apple shares rose 3.3%, boosting Wall Street indexes after Bank of America upgraded the company’s rating to “buy.” European stocks also closed higher, but shares in British luxury watch retailer Watch of Switzerland fell 36% after the company cut its full-year outlook.
Disney’s new activist target
Activist investor Nelson Peltz has his eye on Disney. Mr. Peltz’s Trian Fund Management, along with former Disney chief financial officer Jay Laslo, plans to launch a proxy fight for a seat on Disney’s board of directors. Peltz said in an interview with CNBC that if he’s elected, he and Laszlo will be like “Batman and Robin.”
India causes ripples at Davos
India is increasing its appeal and appealing to investors at the World Economic Forum in Davos, Switzerland. The world’s most populous country touted three key elements: its growth story, digital infrastructure and burgeoning startup ecosystem. India’s leading technology companies also showcased their use of artificial intelligence at the forum.
Bitcoin is $40,000
On Thursday, Bitcoin reached the $40,000 level amid a steep decline in cryptocurrencies. Analysts characterized the decline as a “post-ETF correction” as investors piled in money. The world’s most popular cryptocurrency soared last week ahead of regulatory approval for a much-anticipated Bitcoin ETF.
[PRO] for next week’s earnings
With earnings season in full swing on Wall Street, professionals are highlighting some stocks to watch. Analysts have raised their expectations for tech stocks as the S&P 500’s standout sector ahead of their quarterly reports. Still, fourth-quarter profits for the entire S&P 500 are expected to decline 6%.
The week is ending on a positive note as US markets end their losing streak and headlines from across the Atlantic in Davos grab attention.
The Dow Jones Industrial Average rose 0.54%, ending a three-day losing streak, while the tech-heavy Nasdaq Composite Index rose 1.35%. The benchmark S&P 500 ended 0.88% higher, about 0.33% off its record closing price.
Wall Street got a boost from Apple after Bank of America raised its stock price. Semiconductors rose after Taiwan Semiconductor Manufacturing Co., the world’s largest chipmaker, reported better-than-expected fourth-quarter results. TSMC’s US-listed shares rose 9.8%.
India, the world’s most populous country, attracted attention at Davos by touting its growing economic power.
“India does have a big presence. India has some of the most popular spots on the main promenade for tech companies,” Ravi Agrawal, editor-in-chief of Foreign Policy and former CNN India bureau chief, told CNBC. . “As China’s economy slows, India’s relatively rapid growth stands out as a clear opportunity for Davos investors looking for bright spots.”
The topic of Donald Trump also attracted attention at Davos. The theme that emerged was that top U.S. leaders had no problem with the idea of Trump returning for a second term, but foreign leaders feared such a scenario. A major source of these concerns was President Trump’s hardline policies, including increasing the risk of immigration and potential conflict.
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