Thursday saw stock gains as investors analysed data showing sustained economic expansion and the most recent company earnings reports.
A 0.4% increase, or 148 points, was seen in the Dow Jones industrial average. Each of the Nasdaq Composite and S&P 500 had a 0.6% increase. The S&P 500 and Nasdaq are both on track for their sixth consecutive winning session with those gains.
The fact that this is far greater than the 2% forecast made by economists surveyed by Dow Jones highlights the economy’s ongoing resilience in the face of interest rate hikes.
Positive statistics regarding inflation was also included in the report released on Thursday. After rising 5.9% the year before, the price index for personal consumption expenditures increased 2.7% annually. The so-called core PCE, which does not include energy and food, grew by 3.2% as opposed to 5.1%.
Source (CNBC)
