US stocks rose on Friday, as a report showing inflation slowing slightly helped boost markets. The core PCE price index rose 4.9% in April, following 5.2% the previous month. This special report is closely monitored by the Federal Reserve when setting policy.
These moves came as investors were assessing the sustainability of this week’s rally, and whether it was a comfortable bounce or the bottom of the long selling of the year had begun. US indices are still far from their highest levels.
Indices ended Friday’s trading session higher, with investors evaluating the quarterly business results of companies, economic data and their expected impact on the Federal Reserve’s decision.
During trading, US Treasury bond yields declined as investors sought safe havens to hedge potential market fluctuations due to the high inflation rate, and the 10-year bond yield recorded 2.74%, while the two-year bond yield reached 2.48%.
Technology stocks recorded strong gains, as Dell’s shares jumped more than 12%, thanks to positive quarterly results, and Amazon shares rose 3.7% and Tesla 7.3%.
The Dow Jones index rose 1.8%, or 576 points, to close at 33.212 thousand points, recording a weekly increase of 6.2%, in the first weekly rise since March, ending a series of losses that lasted eight weeks.
Also, the Standard & Poor’s index rose 2.5% to 4,158 points, achieving weekly gains of 6.6%, and the Nasdaq jumped 3.33%, with weekly gains of 6.2%.
(agencies)
