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    US Markets Rebound as Biden Drops Re-election Bid, Gold Price Drops Below US$2,400

    Giann Liguid
    Jul. 22, 2024 09:30AM PST

    The US stock market bounced back on Monday after President Joe Biden withdrew from the upcoming presidential election.

    Low-angle photo of US flag placed on gray pole.
    Jonathan Simcoe / Unsplash

    The American stock market rebounded on Monday (July 22) following significant downturns last week, and after Sunday's (July 21) news that US President Joe Biden will not seek re-election.

    Biden announced on social media platform X, formerly Twitter, that he is exiting the presidential race, and endorsed Vice President Kamala Harris as his replacement. He plans to complete his term as president.

    By midday, the Dow Jones Industrial Average (INDEXDJX:.DJI) was up 0.36 percent, reaching 40,433.02 points. Meanwhile, the S&P 500 (INDEXSP:.INX) had increased by 0.86 percent to hit 5,552.57 points, and the Nasdaq Composite (INDEXNASDAQ:.IXIC) had climbed 1.23 percent to come in at 17,944.98 points.


    Major technology stocks led the recovery, with Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL) and Tesla (NASDAQ:TSLA) all posting gains of between 1 and 4.2 percent.

    The US dollar index, which measures the greenback against six major currencies, rose for the third session in a row. Analysts believe the dollar's strength is partly due to anticipation of potential shifts in US fiscal and monetary policy.

    Meanwhile, the gold price declined to a one week low as the dollar strengthened. Spot gold dropped by 0.5 percent to US$2,387.99 per ounce, while US gold futures decreased by 0.4 percent to US$2,389.40.

    Investors are closely watching for additional US economic data and statements from Federal Reserve officials this week, which could provide further insight into the future direction of interest rates.

    Jeffrey Christian, managing partner at CPM Group, told Reuters that the market is in "wait-and-see mode" regarding the implications of the change in the Democratic Party’s candidate for the upcoming election.

    “It is far too early for any strategic positions… longer-term is probably more favorable for gold if Trump is in the White House," StoneX analyst Rhona O'Connell opined in a note quoted by Reuters.

    "Trump would be inflationary and potentially incendiary in geopolitical terms, while Harris' foreign affairs policy is as yet undefined so that favours gold for now, but not possibly in the longer term,” she added.

    Key data releases this week include US gross domestic product figures for the second quarter, and the personal consumption expenditures price index, which is the Fed's preferred inflation gauge.

    Don't forget to follow us @INN_Technology for real-time updates!

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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    Giann Liguid

    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

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    Giann Liguid
    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

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