Closing post
Time for a recap….
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Analysts hailed its latest growth, which has lifted hopes that it could launch a share buyback soon. Uber’s share have dipped, though.
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UK house prices have risen for the fourth month in a row, as falling mortgage rates encourage buyers back into the market.
Halifax reported that price rose by 2.5% in the year to January, and were 1.3% higher than in December.
Bank of England policymaker Sarah Breeden has said she’s less worried that UK interest rates may need to rise higher. However, she also cautioned that wage and profit growth needs to slow before rates can be cut.
MPs have warned that the BoE is taking a leap into the dark with its quantitative tightening programme, in which it sells bonds bought to stimulate the economy over the last 15 years
Here’s the rest of today’s news:
S&P 500 index at new high
Back on Wall Street, the S&P 500 index has touched a new record high.
Materials, consumer discretionary, and energy stocks are leading the rally, as investors ponder how quickly US interest rates will be cut this year.
The S&P 500 reached a new all-time high 🇺🇸 driven by gains in megacap and semiconductor stocks, leading to a broad rally on Wall Street. Following the market's opening, the Dow Jones Industrial Average saw an increase of 0.4%, reaching 38,668.65, while the S&P 500 climbed 0.5% to… https://t.co/D3heAhU53s pic.twitter.com/YDceuPqHYR
— Share_Talk ™ (@Share_Talk) February 7, 2024
The recent earnings season has provided some support.
Robert Pavlik, senior portfolio manager at Dakota Wealth, says (via Reuters):
“So far, earnings have come in a little better than expected. It’s not outstanding, but certainly better than the negative numbers people were expecting.
