
[ad_1]
U.S. stocks rose on Friday as investors capped off their best week since 2024 as part of the market’s rebound from a sharp drop in early August.
this S&P 500 rose 0.2% to 5,554.25 points, while Nasdaq Composite Index It rose 0.21% to 17,631.72 points on Friday. Dow Jones Industrial Average It rose 96 points, or 0.24%, to 40,659.76. For the week, the S&P 500 rose nearly 3.9%, its best weekly performance since November 2023. The Nasdaq rose 5.2%, while the 30-stock Dow Jones Industrial Average rose 2.9% for the week.
After rebounding this week, the S&P 500 is now just 2% away from its all-time high in mid-July. This week’s data helped ease market nerves. Retail sales data released on Thursday More powerful The weekly jobless claims report was higher than economists expected, while weekly jobless claims fell. Both showed that recession fears were heightened, helping to spark the Global sell-off Earlier this month, those comments were overblown. Inflation data Economic data released earlier this week also boosted hopes that a soft landing is still possible.
“Data released this past week struck just the right balance, not too hot, not too cold,” Mark Haefele, head of investments at UBS Global Wealth Management, wrote Friday. “This should help ease concerns about an impending recession as well as worries that elevated inflation will hobble the Fed if it needs to cut rates quickly to defend growth.”
Shares Nvidia It was one of the biggest winners among technology stocks this week, rising more than 18%. apple and Microsoft They are up about 4% and 3% respectively this week.
On August 5, the Dow Jones Industrial Average fell 1,000 points and the S&P 500 had its worst day since 2022 as investors worried that the Federal Reserve had cut interest rates too late and the economy was heading for a recession. The unwinding of hedge fund foreign exchange trades added to market volatility.
But investors have since bought in, sending the S&P 500 on a seven-day winning streak as economic reports calmed recession fears. The Nasdaq had its best week since November 2023. Consumer sentiment rose more than expected on Friday, according to the latest survey from the University of Michigan.
[ad_2]
Source link