Wall: With a rally of more than 6% per week, ‘broke’ the negative series

Get real time updates directly on you device, subscribe now.

The US market continued the upward trend of the last few days, with Wall completing a profitable 5-day period after a long series of declining weeks. Today, the main US stock indexes were boosted by positive macroeconomic data that showed a downward trend in inflationary pressures, with the Dow adding 580 points, the S&P 500 sitting at + 2.5% and the Nasdaq gains exceeding 3%.

As a result, the Dow Jones ended an 8-week bearish streak, the largest since 1932. Respectively, the S&P 500 and Nasdaq left behind seven consecutive declining weeks, their biggest negative streak since 2001, and the dotcom bubble.

The mood in the US market improved significantly this week after the publication of the minutes of the Fed meeting in May, with investors positively assessing the determination shown by central bank officials to tame the extremely high inflation, even with more interest rate hikes. than the market provides if needed.

In any case, the attitude shown by the bank’s management, that they will first proceed with the announcements they have announced in advance for the next two months and then judge what is needed, seemed to reassure investors.

The climate has improved further today, with data showing that inflationary pressures in the country may have peaked by now.

Specifically, the price index for personal consumption expenditure (PCE)the measure that the federal bank considers to be the most informative of Consumer Prices, strengthened slightly by 0.2% in April compared to last month, marking the smallest monthly increase in the last year and a half.

In addition, on an annual basis, the pace of the structural measure of the index slowed to 4.9% from 5.2% last March, declining for the second consecutive month.

Characteristically, the last time that the structural PCE had experienced successive slowdowns was in the first months of 2020, when the coronavirus pandemic began to spread in the USA.

At the same time, consumer spending in the country moved at a rate that exceeded estimates, boosting optimism about the course of the economy in the second quarter amid fears of an impending recession due to rising interest rates.

In particular, consumer spending rose 0.9% in April when analysts in a Bloomberg survey expected a smaller increase of 0.7%.

In addition, the growth rate of consumer spending in March was revised upwards from the already strong 1.1% initially announced, to 1.4%.

The positive climate of the week was also confirmed by the fact that the mutual funds in the US recorded net inflows for the first time in seven weeks.

Indicators – Statistics

On the dashboard the industrial index Dow Jones strengthened by 1.76% at 33,212.96 unitsthe enlarged S&P 500 won 2.47% at 4,158.24 unitswhile the technologically weighted Nasdaq achieved a strong rise 3.33% at 12,131.33 units.

In the weekthe Dow added 6.2%, the S&P 500 6.6% and the Nasdaq climbed 6.8%.

At the top of the industrial index were Apple with + 4.08%, Boeing with + 3.52% and Walt Disney with + 3.51%, while no shares closed with a negative sign.

Retailers ‘results continued to be in the spotlight, with Ulta Beauty now seeing its title jump to + 12.47% after surpassing analysts’ estimates, while Gap – despite downgrading earnings guidance of- strengthened by about 4.5%.

Technology titles gave a significant boost to the S&P 500, with Autodesk at + 10.31% after the strong results it announced, while Dell “roared” with + 12.86% after the gains it announced.

Source: Capital

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

www xxx xxx video tube freeproncom filmsex hindi xxxvdo xxx hd
buy kamagra buy kamagra online $255 payday loans online same day no denial payday loans direct lenders only