(Reuters) – The New York Stock Exchange ended higher on Friday as inflation showed signs of slowing and Apple once again crossed the $3 trillion (2,749.3 billion euros) mark in capitalization stock market.
The Dow Jones Industrial Average gained 0.84%, or 285.18 points, to 34,407.60 points. The wider Standard & Poor’s 500 rose 53.94 points, or 1.23% to 4,450.38 points. The Nasdaq Composite advanced for its part by 196.59 points (+ 1.45%) to 13,787.923. The index, with a strong technological component, posted its strongest growth in 40 years for a first half.
Apple’s market capitalization crossed the $3 trillion mark again on Friday, as investors count on the US giant’s ability to grow revenue while exploring new markets like virtual reality.
Investors ended the week, month and quarter with better-than-expected US inflation data, reassuring markets of the effectiveness of the Federal Reserve’s monetary policy.
Falling Treasury yields in response to slowing inflation also contributed to the improvement, said Burns McKinney, portfolio manager at NFJ Investment Group in Dallas, Texas.
If the manager doesn’t think the Fed can rein in inflation without causing a recession, he believes the “odds increase.”
Analysts on Friday put the odds of the Fed raising rates by 25 basis points at its July meeting at 86.8%, according to CMEGroup’s Fedwatch tool, down slightly from 89.3% the day before.
Upbeat remarks from Fed Chairman Jerome Powell and strong economic data earlier in the week boosted bets that the Fed would continue to hike rates, but equity markets were comforted by signs of strength in the Fed. the American economy. The CBOE Market Volatility Index, Wall Street’s gauge of fear, earlier slipped to a one-week low of 12.96 points.
TO VALUES
The rally of heavyweights Amazon, Microsoft, Alphabet and Nvidia, fueled by strong earnings and artificial intelligence, lifted the S&P 500.
Small caps also caught the eye, with the Russell 2000 Index posting its fifth consecutive day of gains, its longest streak of gains since March 3. Nike fell 2.65% after reporting first-quarter revenue below expectations. In contrast, Carnival Corp jumped 9.73% after Jefferies raised its recommendation to “buy.”
( Kate Entringer)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
