The Dow Jones Industrial Average rose 610 points, or 1.5%. The S&P 500 rose 0.8%, and the Nasdaq Composite gained 0.5%. Investors continued to rotate into cyclical areas of the market and smaller companies, with the Russell 2000 up about 2%.
Stocks rose on Friday, since Wall Street looking to end a turbulent week on a positive note as investors weighed fresh U.S. inflation data released earlier in the day.
The Dow Jones Industrial Average rose 610 points, or 1.5%. The S&P 500 rose 0.8%, and the Nasdaq Composite gained 0.6%.
Investors continue to rotate into cyclical areas of the market and small companies, with the Russell 2000 up around 2%. Industrial, healthcare and financial sectors are also performing well, each up at least 1%.
Some tech names that have struggled during this week’s sell-off are up, with Nvidia and Meta Platforms up around 1%. Microsoft and Amazon are also higher.
Wall Street and the inflation data
Wall Street also assessed the June personal consumption expenditures price index, a preferred inflation measure for central bank policymakers. On a monthly basis, the overall PCE rose 0.1% and 2.5% compared with a year earlier. This was in line with estimates of economists surveyed by Dow Jones.
Wall Street markets
Reuters
“Volatility returned with a vengeance this week as selling pressure in the large-cap space dragged down the broader market,” said Adam Turnquist, chief technical strategist at LPL Financial, in a note to clients, adding that overbought conditions also have contributed to the recent weakness. “Weakness in these heavyweight names represents a challenge for the rest of the market.”
Source: Ambito
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