Acceptable monthly profits… and the Nasdaq gains reach 5%
Wall Street rose on Friday, with the Nasdaq index posting its biggest quarterly percentage gain since June 2020, following signs of easing inflation raised hopes that the US Federal Reserve would soon end its aggressive campaign to raise interest rates. The Standard & Poor’s 500 Index posted gains for the second quarter in a row, led by the technology sector, which rose more than 20 percent.
On Friday, the Standard & Poor’s 500 rose 58.07 points, or 1.43 percent, to close at 4,108.76 points. The Nasdaq Composite Index rose 208.44 points, or 1.74 percent, to 12,221.91. The Dow Jones Industrial Average rose 408.66 points, or 1.24 percent, to 33,267.69 points.
- consumer spending
Consumer spending in the United States rose moderately in February, following jumping in the previous month, and despite signs of declining inflation, its rate remains high, which may prompt the US Federal Reserve to raise interest rates once more this year.
The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of US economic activity, increased 0.2% last month. January data was revised to show spending rising 2% instead of 1.8% as previously reported.
Economists polled by Archyde.com had expected consumer spending to rise 0.3%. Consumer spending also slowed due to lower income increases.
With the January data revised and last month’s increase, consumer spending is set to register higher growth in the first quarter, following rising at its slowest pace in two and a half years in the October-December quarter, and this is helping the expansion of the economy.
The personal consumption expenditures price index increased 0.3% last month, following rising 0.6% in January. The index rose 5% in the twelve months through February, following posting a 5.3% increase in January.
The personal consumption expenditures index, which excludes volatile food and energy prices, rose 0.3% following increasing 0.5% in January.
The so-called core index rose 4.6% year-on-year in February, following rising 4.7% in January. The core indicator is the Fed’s preferred measure of inflation, with a target of 2%.
(agencies)
