Alibaba Among Winners on Wall Street After Strong Results

On Thursday, Alibaba was among the winners on the stock exchanges in New York. The Chinese tech and web store group, known for AliExpress, recorded the most significant turnover growth in over a year in the fourth quarter of 2024.

Profit also increased. The group benefited from a turnaround in its web store activities and significant investments in artificial intelligence. The share, which is also listed on Wall Street, rose by more than 11 percent.

The general mood on the American stock exchanges was slightly negative after the higher closing prices a day earlier. The Dow Jones index was 0.3 percent lower at 44,483 points shortly after the market opened. The broad S&P 500 index fell 0.3 percent to 6128 points. On Wednesday, the S&P 500 closed at an all-time high. Tech exchange Nasdaq lost 0.2 percent to 20,018 points.

Investors also processed new data on the American labour market. For example, the number of applications for unemployment benefits rose slightly, involving slightly more benefits than economists had generally expected. The labor market situation plays an important role in the Federal Reserve’s interest rate policy.