The three major indexes of Wall Street continued to do well. The Dow Jones index rose more than 500 points, which also ended the longest losing streak since 1923. The S&P 500 index and the Nasdaq index both performed well, up 2.47% and 3.33% respectively. The rise in the US core personal consumer price index fell from the previous month, fueling market expectations that inflation peaked and fell.
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Market conditions on May 27 (Friday)
l Dow Jones It was up 575.77 points, or 1.76 percent, at 33,212.96.
l S&P 500 Index It was up 100.4 points, or 2.47 percent, at 4,158.24.
l Nasdaq Index It was up 390.48 points, or 3.33 percent, at 12,131.13.
l New York July Oil Futures It closed at $115.07 a barrel, up $0.98 or 0.86%.
l New York June futures It closed at $1,851.30 an ounce, up $3.7, or 0.2%.
l U.S. 10-year Treasury bond yield It closed at 2.743 percent, down 1.3 pips.
The Nasdaq rose 3.33%, the largest gain among the three indexes. Technology stocks performed well across the board. Apple rose more than 4%, Amazon rose 3.66%, and Microsoft rose 2.76%. Chip stocks Nvidia rose 5.38 percent, while AMD rose 3.55 percent. Social platform shares Snap rose 5.2 percent, Pinterest rose more than 4.6 percent, and Facebook parent Meta rose 1.83 percent.
All three major U.S. stock indexes recorded gains of more than 6% this week. The Dow rose 6.2% for the week, snapping an eight-week losing streak. The S&P 500 rose 6.6% and the Nasdaq rose 6.8%, both rebounding for the first time in eight weeks, and the Dow ended a century-long weekly decline.
However, the index is still significantly lower than its historical high. The Nasdaq is 23% below its high, still in a bear market, while the S&P 500 fell below 20% from its high last week and is now 13% below its high. , the Dow was 9% lower than its high.
Jeff Kilburg, investment director at Sanctuary Wealth, believes that the Treasury market is the beacon of the stock market. “I don’t think it’s a bear market rebound now, it’s just an adjustment. Many people have become too pessimistic. If you look at the Treasury bond rate, although it has risen above 3%, it cannot be maintained. When it falls below 2.75%, the stock market can recover. “
On the data front, the core personal consumer price index rose 4.9% in April, down from 5.2% in the previous month. And this report is one of the basis for the Fed to formulate policy.
“In general, American consumers still have good spending power. Although prices are rising and inflation is added, they still have room to buffer their balances. Obviously, the employment rate is high, so the US spending power is maintained at a Very strong state,” said Brent Schutte, investment director at Northwestern Mutual Wealth Management, on Yahoo Finance Live.
