Wall Street closed higher on Friday, with the S&P 500 and Nasdaq indices posting their fourth straight week of gains, as signs that inflation may have peaked in July bolstered investor confidence that a bull market may be in progress.
The S&P 500 jumped 17.7% from its mid-June low, with the latest gains sponsored this week by data showing a slower-than-expected rise in the U.S. consumer price index and a surprise drop in prices at producer last month.
The benchmark surpassed a closely watched technical level of 4,231 points, indicating that the benchmark has recovered half of its losses since falling from its all-time high in January. A 50% pullback signals a bull market, according to some analysts.
“It’s really just a number, but it certainly makes investors feel better — at least those who bought close to the bottom,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
“I still wouldn’t declare victory over this bear market. There is probably still bad news out there. But there’s a good chance we’ve seen rock bottom.”
The S&P 500 index closed up 1.73% at 4,280.15 points. The Dow Jones rose 1.27% to 33,761.05 points. The Nasdaq Composite technology index rose 2.09% to 13,047.19 points.
For the week, the S&P 500 is up 3.25%, the Dow Jones is up 2.92% and the Nasdaq is up 3.8%.
Source: CNN Brasil
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