Friday saw a spike in stocks as investors assessed new U.S. inflation data and Wall Street attempted to end a wild week on a high note.
Because of 3M’s positive contribution, the Dow Jones Industrial Average increased by 620 points, or 1.6%. With a nearly 20% increase, the industrial behemoth was on track for its greatest day since at least 1972. The Nasdaq Composite rose 0.8%, while the S&P 500 increased by 1%.
The moves on Friday are the result of a mix of oversold sentiment, a better-than-expected GDP data on Thursday, and the belief that the Federal Reserve will start reducing rates because of the economy’s resiliency.
He went on, “Today’s benign PCE report helped talk the market off the ledge.” “The great rotation and breadth continue with this pullback.”
Source (CNBC)
