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The major US stock indices are closing the day at session highs and complete a strong week after multi-week declines. The Dow snapped a 8 week down streak while the S&P and Nasdaq snapped 7 week declines.
- Nasdaq has best week in more than 2 months
- Dow is up for the 6th straight day
- S&P and Nasdaq rose the final 3 days of the week and 4 of 5 days.
- S&P had its best week in 2022
The final numbers are showing:
- Dow industrial average rose and 575.77 points or 1.76% to 33212
- S&P index rose 100.38 points or 2.47% to 4158.23
- NASDAQ index rose 390.49 point or 3.33% to 12131.14
- Russell 2000 rose 49.61 points or 2.7% to 1887.85
For the trading week:
- Dow industrial average rose 6.24%
- S&P index rose 6.58%
- NASDAQ index rose 6.84%
- Russell 2000 rose 6.46%
Hey… its a good week. The catalyst was the expectation that inflation may have peaked as a result of a slowdown in the housing market and other weaker data. Yields moved lower for 3rd week in a row. The market priced out 3 rate hikes, and are now looking for 2. Fed’s Bostic also said the Fed may look to pause in September and reevaluate.
This article was originally published by Forexlive.com. Read the original article here.