2023-07-28 20:33:06
Posted on Jul 28, 2023 at 10:33 PM
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The Dow Jones gains 0.5%, the S&P-500 0.99% and the Nasdaq 1.90%
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Semiconductor producers on the rise
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Procter & Gamble exceeds analysts’ expectations
par Carolina Mandl et Bansari Mayur Kamdar
July 28 (Archyde.com) – The New York Stock Exchange ended higher on Friday as investors returned to optimism following a series of earnings, economic data and announcements from Federal Reserve (Fed) officials.
The Dow Jones Industrial Average gained 0.5%, or 176.57 points, to 35,459.29 points.
The broader S&P-500 gained 44.82 points, or 0.99%, to 4,582.23 points.
The Nasdaq Composite advanced for its part by 266.55 points (1.90%) to 14,316.66 points.
“When you take the big picture, the idea of seeing the economy continue this way for some time, with clearly declining inflation comes to mind,” said Scott Ladner, chief investment officer at Horizon. Investments.
Inflation slowed sharply in the United States last month, the Commerce Department said on Friday, which might prompt the US Federal Reserve to end its cycle of interest rate hikes.
“The possibility that inflation is under control and the economy avoids a recession makes investors optimistic,” said Win Murray, director of research at Diamond Hill.
Most of the eleven S&P sector indices ended in positive territory, with the communications sector leading the way.
At values, Intel’s results propelled the semiconductor market, with Nvidia and Marvell Technology also finishing in the green.
Procter & Gamble rose following posting better-than-expected quarterly results.
Exxon Mobil fell following reporting a 56% drop in quarterly profit. (With the contribution of Johann M Cherian; French version Camille Raynaud)
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