Friday saw a spike in stocks as investors considered the latest U.S. inflation statistics as Wall Street attempted to end the week on a good note.
3M was the driving force behind the 1.5% increase in the Dow Jones Industrial Average. The industrial behemoth surged by about 16% and was on track for its greatest day since at least 1972.
Both the Nasdaq Composite and the S&P 500 saw increases of 0.5% and 0.8%.
Oversold sentiment, a better-than-expected GDP report on Thursday, and the belief that the Federal Reserve will start reducing rates because of the economy’s resiliency are the main causes of Friday’s movements.
Source (CNBC)
