Dow Jones hits 40,000 points, ASX is set to rise – Business News (Trending Perfect)

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Shares of gold companies rose after the price of the yellow metal rose to a near-record level of $2,441 per ounce. The price of Bellevue Gold rose 7.5 percent.

Laggards

Among the losing stocks, Audinate Group shares fell 5.9 percent, Cochlear shares fell 3.2 percent, and Strike Energy shares lost 2.3 percent.

The healthcare sector was the worst performing sector, closing down 0.9 percent.

Inside information

Star Entertainment and its soaring stock price made headlines all day amid industry speculation about the future of the beleaguered casino business.

One interested party is Hard Rock Hotels and Casinos – owner of the Mirage Hotel in Las Vegas, which generates revenues of more than US$430 million ($642 million) annually. It has reportedly been trying to enter the Australian market for some time.

Rumors of its potential interest in Starr first emerged last year after the company's shares lost more than 60 percent of their value.

The Star said on Monday that it had not received any serious proposals from any entities, including Hard Rock Hotels and Casinos. He stressed that a takeover is not imminent. “At this stage, none of the approaches have resulted in substantive discussions,” Starr told the ASX in a statement.

The federal budget, released last Tuesday, continues to draw comments from analysts. Paul Bloxham, chief economist at HSBC, spoke of a wide range of support measures and tax breaks, but noted the absence of any mention of productivity.

“The word 'productivity' was not used once in Treasurer Jim Chalmers' Budget speech. As we wrote before the Budget, there is an urgent need to focus on productivity-boosting policy in Australia,” Bloxham said.

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On Friday in New York, the Dow Jones Industrial Average rose 134.21 points, or 0.3 percent, to 40,003.59. The index and other indicators on Wall Street have been rising steadily, as the US economy and corporate profits have managed to hold up despite rising inflation, the punitive effects of high interest rates, and fears about a recession that seemed inevitable but never arrived.

The Standard & Poor's 500, the benchmark index most important to the overall market and most retirement savers, added 6.17 points, or 0.1 percent, to 5,303.27 — just 0.1 percent below Wednesday's record, and the fourth straight week of gains. .

The Nasdaq Composite Index, which is dominated by technology stocks, fell 12.35 points, or 0.1 percent, to 16,685.97 points.

It's been a good week for US stock markets after an economic report revived hopes that inflation is heading in the right direction after a disappointing start to the year. This, in turn, has raised hopes that the Fed will cut its key interest rate at least once this year.

The federal funds rate is at its highest level in more than two decades, and a reduction would provide a boost to stocks and remove some downward pressure on the economy. The hope is that the Fed can strike the balance of slowing the economy enough through higher interest rates to eliminate high inflation, but not so much that it leads to a bad recession.

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Quote of the day

“For inflation hawks, the idea that increased public spending could lower inflation is simply ridiculous. But just because powerful people believe something doesn't make it true. That's Richard Dennis, executive director of the Australia Institute, an independent think tank, talking about Reasons why the federal government can actually buy lower inflation.

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With AP

The Market Recap newsletter is a summary of the day's trading. Get it all of usHThis afternoon.

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