Stock prices soared during Friday’s trading, expanding the strong uptrend seen on Tuesday and Wednesday. The key average continued to recover after reaching the lowest level in more than a year in recent sessions.
The key average went further up towards the closing price and ended the session at the highest level of the day. The Dow rose 575.77 points (1.8%) to 33,212.96, the Nasdaq rose 390.48 points (3.3%) to 12,131.13, and the S & P 500 rose 100.40 points (2.5%) to 4,158.24.
Over the week, the Dow soared 6.2% and the S & P 500 and Nasdaq soared 6.6% and 6.8%, respectively.
Wall Street’s continued strength came following the release of the Commerce Department’s report in April, showing a slowdown in the pace of increase in core consumer prices.
Inflation readings, said to be favored by the Federal Reserve Board, showed that the annual rate of increase in core consumer prices fell from 5.2% in March to 4.9% in April.
This data contributed to the optimism that the Fed will slow the pace of monetary tightening in the second half of the year.
Inflation measures were included in a report showing a slightly lower increase in US personal income than expected in April.
The report showed that personal income rose 0.5% in March and then 0.4% in April. Economists expected an additional 0.5% increase.
Meanwhile, the Commerce Department said personal consumption rose 0.9% in April after a 1.4% surge, which was revised upwards in March.
Private consumption was expected to increase by 0.7% compared to the 1.1% surge initially reported last month.
Traders largely ignored another report from the University of Michigan, showing that consumer sentiment in the United States was even worse than previously estimated in May.
The report showed that the May consumer confidence index was revised downward from a preliminary reading of 59.1 to 58.4. Economists expected the index not to be revised.
The consumer confidence index has fallen further below 65.2 in April to its lowest level since reaching 55.8 in August 2011.
Computer hardware stocks expanded the rebounds seen in the previous two sessions, raising the NYSE Arca computer hardware index by 4.2%.
Dell Technologies (DELL) helped lead the sector after reporting that first-quarter performance exceeded analysts’ expectations and exceeded earnings.
Semiconductor stocks also showed considerable strength, as reflected in the 4% surge from the Philadelphia Semiconductor Index.
On the day of the event, airline stock prices also rose sharply, and the NYSE Arca Aviation Index rose 3.1%.
Biotechnology and networking of commercial real estate have also shown considerable strength and have risen along with most other major sectors.
In overseas transactions, stocks market During the trading on Friday, the entire Asia Pacific region rose almost. Japan’s Nikkei 225 index rose 0.7% and Hong Kong’s Hang Seng index rose 2.9%.
On that day, major European markets also started to rise. The UK’s FTSE 100 index rose 0.3%, while the German DAX index and the French CAC 40 index both rose 1.6%.
In the bond market, government bonds retreated after an early advance, but still closed at a slightly higher level. Since then, yields on benchmark 10-year bonds, which move in the opposite direction of prices, have fallen 1.3 basis points to 2.743%.
Following the summer weekend, monthly employment reports may be focused next week, along with reports on manufacturing and service activities and the Fed’s Beige Book.
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US stocks skyrocket due to slower price increases
Source link US stocks skyrocket due to slower price increases