During Friday’s trading, stock prices almost rose, expanding the uptrend seen in the previous session. Due to the rise on the day, the S & P 500 hit a new daytime high.
Currently, the Nasdaq is below its counterpart, but all major averages are in the positive territory. The Nasdaq was up 11.63 points or 0.1 percent at 14,381.34, the Dow was up 224.73 points or 0.7 percent at 34,421.55, and the S & P 500 was up 12.74 points or 0.3 percent at 4,279.23.
Equities continues to benefit from the rising momentum seen throughout most of the week, helping to raise the Nasdaq and S & P 500 to record highs.
The Fed’s 2023 rate hike forecast is market Last week, traders seem to agree with the fact that monetary tightening policies are not imminent.
The Fed may start shrinking its asset purchase program in the not too distant future, but the program will continue to support the market until then.
A report from the Commerce Department has been added to sentiment showing that May’s core consumer price inflation is in line with economists’ estimates.
Inflation readings, said to be favored by the Federal Reserve Board, showed that core consumer price inflation accelerated from 3.1% in April to 3.4% in May.
The Commerce Department also said personal income plunged 13.1% in April and then fell 2.0% in May. Economists expected personal income to fall 2.5%.
The continued decline in personal income in May primarily reflects a decline in government social interests, as stimulus payments continued, but were at lower levels.
Meanwhile, the report showed that after a 0.9% rise in April, personal spending in May remained almost unchanged. Private consumption was expected to increase by 0.4%.
Bank stocks showed a strong upward trend on the day, with the KBW Bank Index rising 1.3%.
Inventories of networking, brokerage firms, and computer hardware are also showing some strength, but airline inventories are declining significantly.
In foreign trading, the Asia-Pacific stock market almost rose during Friday’s trading. Japan’s Nikkei 225 Index rose 0.7% and China’s Shanghai Composite Index rose 1.2%.
Meanwhile, major European markets are performing differently on the day. The UK’s FTSE 100 index is up 0.4%, while the French CAC 40 index and the German DAX index are both down 0.1%.
In the bond market, government bonds have been under pressure since the last session ended almost flat. As a result, the yield on benchmark 10-year bonds, which move in the opposite direction of the price, rises 3.4 basis points to 1.521%.
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