2023-06-30 23:25:34
The Dow Jones New York Stock Exchange posted solid gains on Friday (June 30) and the Nasdaq posted its biggest first-half gain in 40 years after economic data released signs that US inflation slows down While Apple stock closed with a market capitalization of $3 trillion for the first time.
The Dow Jones Industrial Average closed at 34,407.60 points, an increase of 285.18 points or +0.84%, the S&P 500 index closed at 4,450.38 points, an increase of 53.94 points or +1.23%, and the Nasdaq index closed at 13,787.92 points, an increase of 196.59 points or +1.45%.
in this week The Dow rose 2.02%, the S&P 500 rose 2.35% and the Nasdaq rose 2.20%.
In the second quarter of 2023, the Dow rose 3.4%, the S&P 500 rose 8.3% and the Nasdaq rose 12.8%.
The Nasdaq soared more than 31% in the first half, its strongest in 40 years, and the Nasdaq 100, which includes leading technology stocks, gained about 39%, marking its first-half record high.
Apple Inc stock tops $3 trillion for first time since January The stock closed up 2.3% to $193.97 after hitting a record high of $194.48, driven by investor appetite for more overall growth stocks. and from the forecast that Apple will be successful in new markets.
Investors flocked to stocks in the final days of Q2, buoyed by signs of slowing US inflation. The Commerce Department said on Friday that its headline PCE index, which includes food and energy, rose 3.8 percent in May from 4.3 percent in April. The headline rose 0.1% in May from 0.4% in April.
As for the core PCE index, which excludes the food and energy sectors. It is the Fed’s primary focus on inflation, rising 4.6 percent in May year on year. The core PCE rose 0.3%, in line with analysts’ expectations, from 0.4% in April. Nov.
The PCE Index is considered a gauge of inflation that can detect changes in consumer behavior. and covers a broader range of prices for goods and services than the Consumer Price Index (CPI).
The market was also supported by a survey by the University of Michigan indicating that The US consumer confidence index rebounded to 64.4 in June, the highest level in four months, and beat analysts’ expectations of 63.9 from 59.2 in May.
Growth stocks in the S&P 500 gained 1.4 percent, led by Apple, Microsoft, India, Amazon and Meta Platforms, which gained about 1.6 percent. 3.6%, continuing to soar after strong earnings and strong interest in artificial intelligence (AI) technology.
All 11 stocks in the S&P 500 ended higher, with technology gaining the most, 1.8%, and real estate the least, just 0.5%.
Small-cap stocks also attracted buys, with the Russell 2000 gaining 0.4% and closing its fifth straight day of gains, the longest since a five-day rally that ended on Mar. 3.
The CME Group’s FedWatch Tool indicates that traders expect an 84.3% chance the Federal Reserve will raise interest rates by 25 basis points to a range of 5.25-5.50% at its July meeting. That’s down slightly from Thursday’s 89.3% level.
Stubborn monetary policy comments from Fed Chairman Jerome Powell and strong economic data releases earlier this week support expectations that The Fed will continue to raise interest rates. But the stock market has adjusted to the strength of the US economy. while inflation slows down
Among other individual stocks, Carnival Corp shares rose 9.7% after Jeffries raised its recommendation for Carnival stock from “hold” to “buy.”
Nike Inc shares tumbled 2.6% after forecasting first-quarter revenue that fell short of expectations.
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