(News Bulletin 247) – Wall Street ended a particularly dense week on a negative note: during Friday’s session, the Dow Jones fell around 0.3% to 34,299 points, the S&P500, less than 0.4% to 4,410 points and the Nasdaq Composite, nearly 0.7% to 13,690 points.
Investors seemed to want to take a break after having reacted rather well to the latest announcements from the Fed, which nevertheless hinted this week that it was planning two more rate hikes by the end of the year.
The market wanted to believe that the now well-established mechanism of disinflation – illustrated by the price indices published over the past week – will eventually dissuade the Federal Reserve from tightening its monetary policy too much.
Otherwise, the day saw the publication – without much influence on the markets – of the University of Michigan’s consumer confidence index, which rose much stronger than expected to 63.9 as a preliminary estimate in June, after 59.2 in May.
In terms of values, Adobe shares climbed into the green with a gain of 0.9%, the software company having raised its annual objectives on the occasion of the publication of its results under its second accounting quarter.
Similarly, KB Home climbed 0.8% with support from Wedbush, which remained at ‘outperform’ and raised its price target, following an increase in its estimates for the homebuilder.
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