June 29, 2022

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A very strong end to a strong week on Wall Street

A very strong end to a strong week on Wall Street

After a rally in the past two days, Friday started off well and the mood rose throughout the day and into the weekend. All the leading stock indexes closed strongly, and the Nasdaq tech exchange rose the most.

  • The broad S&P 500 index rose 2.47 percent.
  • The Dow Jones Industrial Average rose 1.77 percent.
  • The Nasdaq Technology Exchange rose 3.33 percent.

This means that a lot of the losses from earlier this month are now covered, and May is now positive for the S&P 500 and Dow Jones, while the Nasdaq is still in the red by a few percentage points.

The Nasdaq and S&P 500 have fallen for seven consecutive weeks now, while the Dow has fallen for eight. This week is the best week since November 2020 for the S&P 500 and Dow, According to CNBC.

Among technology companies, Elon Musk’s electric car and battery company Tesla is up more than seven percent, while Apple and Google’s parent company Alphabet is up more than three percent.

Stock exchanges in the United States take a three-day break, Monday is a day of remembrance as a national holiday.

Oil prices also rose and the smell of North Sea oil appeared at $120 a barrel, but it closed at $119.35, the highest in more than two months.

Federal Reserve Minutes

On Wednesday, the minutes of the US Federal Reserve’s previous interest rate meeting came out. It turns out that the central bank is ready to continue several rate increases of 50 basis points at a time.

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In addition, the Interest Rates Committee said that monetary policy may have to move beyond “neutral” to “restrictive” terrain, in order to slow economic activity. The minutes give the impression that the interest rate committee believes that it can reduce inflation, at the same time that it can take into account the need for financial stability.

Thus, there were no major surprises from the Fed this time around, and the market appears to be taking the information seriously.

On Wednesday, Wall Street traders observed a minute's silence before trading began after 19 children and two teachers were killed in a mass shooting at an elementary school in Texas on Tuesday.  In the aftermath of the incident, controversy over America's liberal gun laws erupted once again.

On Wednesday, Wall Street traders observed a minute’s silence before trading began after 19 children and two teachers were killed in a mass shooting at an elementary school in Texas on Tuesday. In the aftermath of the incident, controversy over America’s liberal gun laws erupted once again. (Photo: Courtney Crowe/NYSE via AP/NTB)

Inflation as expected

The baseline rate of performance in the United States, which is a target for inflation, reached 4.9 percent in April. It is down from 5.2 percent in March and may indicate that pressure is about to ease, he writes CNBC.

The core pce is the preferred inflation target of the US Federal Reserve.

The level in April was as expected, but still far from the 2% target over time.

On a monthly basis, core performance increased 0.3 percent, versus an expected increase of 0.3 percent.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.