Traders work on the trading floor of the New York Stock Exchange on July 22, 2024.
Spencer Pratt | Getty Images
Stocks rose on Friday as Wall Street looked to end a tumultuous week on a positive note and as investors weighed the latest U.S. inflation data.
this Dow Jones Industrial Average The trading price increased by 700 points, or 1.7%, resulting in Increased 3M. The industrial giant’s shares rose nearly 20% and had its best day since at least 1972. S&P 500 Index up 1.2%, Nasdaq Index Advanced 1%.
CFRA Research’s Sam Stovall said Friday’s move stemmed from oversold sentiment, Thursday’s stronger-than-expected GDP report and the view that the Fed will begin cutting interest rates due to the economy’s resilience.
“Today’s benign PCE report helped the market out of trouble,” he added. “With this pullback, the great rotation continues and the breadth continues to be on our side.”
Investors continued to move into cyclical areas of the market and small-cap stocks, with the Russell 2000 last up about 2%. The Industrials, Real Estate and Financials sectors also outperformed, sending their respective S&P sectors up at least 1% each.
Some technology stocks struggling with this week’s selloff rose, with Nvidia, Microsoft and Amazon each rising 1%. The meta platform increased by 2%.
Wall Street also assesses Personal consumption expenditures price index in June, the inflation reading preferred by central bank policymakers. On a monthly basis, Overall PCE rose 0.1% This is an increase of 2.5% from a year ago. That was consistent with estimates from economists surveyed by Dow Jones.
The data comes at the end of a tumultuous week on Wall Street. The S&P 500 fell 1% for the week and the Nasdaq fell 2.3%. The Dow was the exception, rising 0.7%. These declines come as investors appear to be A broader shift toward small-cap stocks and more cyclical areas of the market.
SPX 5-day chart
