Wall Street’s winning streak barreled into a fourth day following the latest signal that inflation is easing its chokehold on the economy.
The S&P 500 rose 0.8% Thursday for its highest close since April 2022. The Dow Jones Industrial Average rose 0.1%, and the Nasdaq composite rallied 1.6% as Big Tech stocks led the way.
Treasury yields tumbled further in the bond market after a report showed inflation at the wholesale level cooled by more in June than expected. That has traders increasingly betting the Federal Reserve may end its blistering run of hikes to interest rates very soon.
Asian shares surged Friday after Wall Street’s winning streak barreled into a fourth day, buoyed by the latest signal that inflation may be easing.
Asian stock markets followed Wall Street higher Tuesday ahead of an update on U.S. consumer prices that traders hope will show inflation is easing, reducing the need for more interest rate hikes.
Wall Street drifted to a mixed close after data suggested the U.S. job market is still warm enough to keep the economy growing but maybe not so hot that it stokes inflation much higher.
On Thursday:
The S&P 500 rose 37.88 points, or 0.8%, to 4,510.04.
The Dow Jones Industrial Average rose 47.71 points, or 0.1%, to 34,395.14.
The Nasdaq composite rose 219.61 points, or 1.6%, to 14,138.57.
The Russell 2000 index of smaller companies rose 17.51 points, or 0.9%, to 1,950.89.
For the week:
The S&P 500 is up 111.09 points, or 2.5%.
The Dow is up 660.26 points, or 2%.
The Nasdaq is up 477.85 points, or 3.5%.
The Russell 2000 is up 86.23 points, or 4.6%.
For the year:
The S&P 500 is up 670.54 points, or 17.5%.
The Dow is up 1,247.89 points, or 3.8%.
The Nasdaq is up 3,672.09 points, or 35.1%.
The Russell 2000 is up 189.64 points, or 10.8%.
