On December 11, Saudi Aramco which is the leading oil producer had a great day. The world’s largest initial public offering (IPO) surpassed the expectations. The state-owned company debuted on the country’s stock exchange on Wednesday. Saudi Arabian company changed its plans regarding the stock markets multiple times.
Hopefully, investors do not have to wait anymore as the shares of the oil giant are listed on the stock exchange.
The Saudi Aramco surpassed its earlier valuation of $1.7 trillion. Shares of the Saudi Aramco rose to 35.2 Saudi riyals. It means that valuation reached $1.88 trillion. Saudi Aramco became the largest publicly traded company in the world ahead of tech giants such as Microsoft and Apple.
The company listed 1.5% of its shares on Tadawul which is the local stock exchange. The CEO of the company Amin Nasser was happy with the day’s results.
U.S. stocks on December 11
On Wednesday, U.S. stocks benefited from the news that U.S. Federal Reserve is unlikely to change rates in 2020. As a reminder, last year, the Federal Reserve made a decision to tighten its monetary policy. This decision had a negative impact on the stock market.
Three major U.S. stock indexes strengthened their positions. The Dow Jones Industrial Average added 29.58 points or 0.1% to close at 27,911.30.
The S&P 500 increased by 0.3% to 3,141.63. Another major stock index, the Nasdaq Composite, gained 0.4% to 8,654.05.
United Technologies and Disney helped the Dow Jones index. The shares of each company increased by at least 1%. Cupertino-based tech giant Apple also contributed as its shares gained 0.9%.
Home Depot was the biggest Dow Jones loser, as shares of Home Depot fell by 1.8%. Disappointing sales-growth outlook affected this company.
The tech industry was the best-performing S&P 500 sector, rising 0.7% along with materials and industrials.