Wall Street notes a slight rise in stock indexes, which was achieved thanks to the correction in stock prices. On Monday, the Dow Jones index rose 0.22 percent, 32,889 points, while the S&P 500 grew 0.31 percent, 3,982 points, and the Nasdaq index 0.63 percent, to 11,466 points, the Mina agency reports.
At the beginning of trading, the indices were up more than one percent as investors tried to recover from last week’s losses.
However, those gains were pared later, as there is not much reason to buy stocks, given that the US central bank will continue to raise interest rates to suppress. This means that the Federal Reserve should weaken spending and demand in the labor market and slow the economy’s growth.
The only question is whether a shallow recession or a “soft landing” of the economy will follow.
As the latest data showed that the economy is very resistant to the aggressive increase in interest rates implemented in 2022. Inflationary pressures should remain stronger longer than the market had forecast.
Musk is once again the richest man in the world
For a brief period, Bernard Arnault was the wealthiest in the world, yet now Elon Musk has reclaimed the crown.
Tesla shares have boosted Musk‘s wealth by nearly 70 percent this year from a January 6 low. Investors have once again turned to higher-risk growth stocks due to indications of economic vigor and a gradual increase in interest rates.
After cutting prices for several models, the company also benefited from higher demand for its electric vehicles.
The Bloomberg Billionaires Index announced that Tesla stocks had increased by 5.5 percent to $207.63 as of 4 p.m. in New York, subsequently elevating Elon Musk‘s wealth to $187.1 billion and surpassing the $185.3 billion possession of 73–year–old Frenchman Arnaud, the mastermind of LVMH.
Musk entered 2023 with a net worth of $137 billion, becoming the first to lose $200 billion in wealth.