US indices rose on Friday, as Wall Street looked to end the week and month higher.
Supporting the positive results and expectations of companies, especially Amazon and Apple, the “Standard & Poor’s” index rose 0.2% during trading, while the Nasdaq added 0.3%, while Dow Jones tried to maintain a green path.
The Dow is on track for a gain of more than 5% for the month of July, its highest level since March 2021, while the S&P and Nasdaq are eyeing their biggest monthly gain since November 2020.
This performance is a stark contrast from the previous six months when stocks slumped to bear market levels for June.
The Bureau of Economic Analysis reported that the personal consumption expenditures price index, an inflation indicator that the Federal Reserve closely monitors, reached its highest level since January 1982.
However, stocks rose, buoyed by gains in shares of “Amazon”, which jumped 10%, and “Apple” by about 2% after posting better-than-expected revenues.
In addition, European stocks rose, heading for the first monthly gain in 4 months; Strong corporate earnings overshadowed fears of a global recession. The pan-European Stoxx 600 index rose 0.7%, rising for the third consecutive session.
The index rose 2.3% since the beginning of the week; Investors hope for a slowdown in the pace of US interest rate hikes after data showed, on Thursday, that the world’s largest economy contracted for the second consecutive quarter. Denso, the auto parts maker that supplies Toyota, forecasts, while a stronger yen also affected exporters.
The Nikkei index closed down 0.05% at 27,801.64 points, after rising 0.7%, earlier in the session. The index fell 0.4% during the week.
The broader Topix index also fell 0.44% to 1940.31 points, and recorded a weekly loss of 0.8%. (Agencies)