What is the Dow Jones Industrial Average's current target?

The Dow Jones Industrial Average is currently testing resistance levels that could lead it towards the 50,000-point milestone.

How is the US economy performing according to recent data?

The US economy is performing robustly, with third-quarter GDP at 4.4% and stable low jobless claims.

Which stocks are driving the Dow's recent rally?

Key drivers include Meta Platforms, Procter & Gamble, and Tesla, though some like Abbott Laboratories have declined.

Home / Business and Economy / Dow Nears 50,000: Trade Fears Ease, Economy Roars

Dow Nears 50,000: Trade Fears Ease, Economy Roars

23 Jan

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Summary

Dow Jones nears 50,000 points as trade tensions ease.
US economy shows robust growth with 4.4% GDP expansion.
Key stocks like Meta and Tesla saw significant gains.

Dow Nears 50,000: Trade Fears Ease, Economy Roars

The Dow Jones Industrial Average is nearing the significant 50,000-point level, fueled by political relief from Washington and positive economic indicators. U.S. economic growth for the third quarter was revised to a robust 4.4% annualized rate, supported by stable initial jobless claims at 200,000. This economic strength, coupled with the de-escalation of transatlantic trade disputes, has spurred investor confidence.

Several prominent companies contributed to the market's upward momentum. Meta Platforms shares rose approximately 4.2%, while Tesla climbed around 4% on news of its Optimus robot's potential sale by 2027. Procter & Gamble also saw gains following better-than-expected earnings. The broader market sentiment was positive, with smaller companies also benefiting.

However, some companies faced headwinds. Abbott Laboratories dropped 9.5% due to lower-than-expected fourth-quarter revenue. GE Aerospace declined 5.5% amidst profit-taking, and McCormick shed 8% following a cautious fiscal outlook. These individual stock performances prevented a more substantial immediate advance for the Dow.