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Wall Street stocks finish higher
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Dollar hits 13-month high after labor-market data
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Russia-Ukraine concerns lift gold, oil
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Trump expected to be positive for cryptocurrencies
(Updates prices throughout with U.S. market close, adds oil and
gold settlement, recasts headline and first paragraph)
By Chibuike Oguh and Medha Singh
NEW YORK, Nov 21 (Reuters) - An index of global stock
markets edged higher in choppy trading on Thursday as investors
digested lackluster revenue forecasts from
artificial-intelligence chipmaker Nvidia ( NVDA ) and bitcoin approached
the $100,000 milestone.
Shares of Nvidia ( NVDA ), the world's most valuable
company and a major contributor to the gains this year in the
benchmark S&P 500, hit a record high early in the session but
retreated to end up 0.53%. The chipmaker forecast its slowest
revenue growth in seven quarters.
"(Nvidia's ( NVDA )) results are still good but I think the
disappointment came from maybe not quite as much of an upward
guide on the Q4 number for the top line," said Garrett Melson,
portfolio strategist at Natixis Investment Managers in Boston.
On Wall Street, the three main indexes finished higher in a
choppy session led by gains in utilities, financials, consumer
staples and industrials. Communication services stocks were the
biggest drag, driven by losses in Alphabet, which
ended down about 6%. U.S. prosecutors argued on Wednesday that
Alphabet must divest its popular Chrome browser to end Google's
search monopoly.
The Dow Jones Industrial Average rose 1.06% to
43,870.35, the S&P 500 rose 0.53% to 5,948.71 and the
Nasdaq Composite rose 0.03% to 18,972.42.
MSCI's gauge of stocks across the globe
was up 0.38% to 851.05 after losing ground early
in the session. European shares were up 0.41%, buoyed
by a rally in energy and technology stocks.
"The market seems to be looking for a narrative right
now and is in a little bit of a void for any news that can shape
the direction of things," Melson added.
Bitcoin soared and is closing in on the $100,000
milestone. The world's largest cryptocurrency has gained more
than 40% since Donald Trump won the Nov. 5 election, driven by
expectations that his administration will be crypto-friendly. It
gained 3.75% to $98,005.00. Ethereum rose 8.77% to
$3,350.80.
Markets are also eyeing Trump's pick for Treasury secretary,
who will play a key role in implementing his agenda of tariffs,
tax cuts and deregulation.
The dollar rose in choppy trading as investors assessed
declining weekly jobless claims, suggesting labor-market
strength, and comments from two Federal Reserve governors on the
path of interest rates.
Against the Japanese yen, the dollar weakened
0.62% to 154.45 but it strengthened 0.29% to 0.887 against the
Swiss franc.
The dollar index, which measures the greenback
against a basket of currencies including the yen and the euro,
rose 0.37% to 107, reaching a 13-month high. The euro
down 0.41% at $1.0479.
Oil prices settled up about 2% after Russia and Ukraine
exchanged missiles, raising crude-supply concerns. Brent
crude futures rose 1.95% to $74.23 per barrel, while U.S. West
Texas Intermediate crude futures increased 2% to $70.10.
Spot gold rose, on track for the fourth-consecutive
session of gains after hitting a more than one-week high. Spot
gold rose 0.8% to $2,671.28 an ounce. U.S. gold futures
settled 0.9% higher at $2,674.90.