On Friday, all three key indices of Wall St. had spanned their mid-summer rebound as the US Dollar alongside long-term Treasury bond notes were nudged lower, while a flurry of positive corporate earnings’ reports had ramped up investors’ sentiment.
Aside from a weaker US Dollar that followed a Government data underscoring a second consecutive quarterly decline in GDP, positive forecasts from Apple Inc alongside Amazon.com Inc had highlighted the extent of resilience US corporates are showing against the backdrop of a sky-scrapping inflation-surge.
Aside from that, Exxon Mobil as well as Chevron had reported record quarterly revenues in the wake of a meteoric upsurge in crude oil alongside natgas futures’ prices. Besides, US consumer spending rose 1.1 per cent in June, data from US Commerce Department had revealed on Friday while illustrating that a rate-hike gamble from the US Fed to tame inflation indicators has not been paying off.
Instead, the acts of US Fed have been nurturing dollarization while pounding common Americans, as corporates are pushing their additional expenses down to end consumers.
Wall St. gains, ends July in an upbeat tenure
Citing statistics, in the day’s Wall St.
closing bell, trade-sensitive Dow gained 1.0 per cent to 32,845.13 and benchmark S&P 500 soared 1.4 per cent to 4,130.29, while tech-heavy Nasdaq rose 2.0 per cent to 12,390.69. Over the month, Dow jumped as much as 6.73 per cent and Wall Street bellwether S&P 500 soared 9.11 per cent, while Nasdaq surged 12.35 per cent.
MSCI’s gauge of global stock indices rose by 1.2 per cent.