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GLOBAL MARKETS-Stocks rise as markets digest Nvidia results, bitcoin nears $100,000 threshold
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GLOBAL MARKETS-Stocks rise as markets digest Nvidia results, bitcoin nears $100,000 threshold
Nov 21, 2024 6:56 PM

*

Wall Street stocks finish higher

*

Dollar hits 13-month high after labor-market data

*

Russia-Ukraine concerns lift gold, oil

*

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.

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