US stocks, European firms perform impressively and oil holds a robust position
February 2023 is about to end, but there is some good news from the US markets. The S & P 500 managed to gain 0.53%, and it closed at 4,012.32. The Dow Jones Industrial Average managed to rise by 108.82 points or 0.33%, it closed at 33,153.91. The Nasdaq Composite managed to rise 0.72% and the session closed at 11,590.40. The US stocks managed to rise and the chipmaker Nvidia led the tech gains. Luckily, all major economies are well on track as the supply chains are working normally. The investors are closely monitoring the US economy as well as the international market. However, due to the ongoing war between Ukraine and Russia, there is a possibility that countries like Germany will have to spend a large chunk of its GDP on energy.
The European markets climb to a higher position
The European markets are in stable condition, and the investors are closely observing the US Federal Reserve. The pan-European Stoxx 600 managed to climb 0.1%. The oil and gas stocks also managed to add 1.1%. The shares of well-known British engine-maker Rolls-Royce climbed. The company managed to beat the analyst expectations and reported a whopping 57% year-on-year profit increase in comparison to the last year. The company also announced that it would resume with the dividend payment. After the reporting, the Rolls-Royce shares managed to rise by 15.87%. Other European firms such as Accor, Solvay, BAE Systems also announced their results. It is important to know other European firms and countries are also reporting strong economic progress. The French hospitality group Accor has informed its operating profit grew from 53 million Euros to 543 million Euros. A British firm, Genus that breeds genetically desirable livestock for farmers was also among impressive performers.
Oil continues to hold a strong position
Due to tightening supply and other demand concerns, oil continues to hold a strong position. Oil prices rose because there are expectations that Russian production might get diminished. However, there are other factors to consider such as the condition of the US inventories and the condition of the Dollar. The Brent crude futures settled at $82.21 a barrel. It was up by 2% or $1.61. The West Texas Intermediate crude futures (WTI) also rose by 2% or $1.44. It climbed to $75.39 per barrel. Low Russian production, possible increase in Chinese oil demand can also affect the prices.
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