On Friday, all three key indices of Wall St. had closed out the session in an upbeat note with Wall Street bellwether S&P 500 alongside growth stock-heavy Nasdaq winding up at their highest levels in a month, as a marginal ease in US inflation coupled with a dismal US flash composite PMI (Purchasing Managers’ Index) data had stoked hopes of a less-hawkish Fed in a near-term outlook, eventually prodding investors to bet on riskier assets.
In point of fact, since the release of the week’s CPI data that showed US inflation had unprecedentedly slowed by 0.1 per cent in December, Wall Street has been roaring over optimism of a less-hawkish policy stance from the US Fed, eventually prompting traders to gamble on a 25-bps (basis percentage point) rate-hike on the US Fed’s January 31-February 1 policy meet.
Besides, the earnings’ season had kicked off in a riant note, as blue-whale American lenders like of JPMorgan Chase & Co alongside Bank of America had beaten quarterly earnings’ estimates.
Wall St. closes higher as CPI data stokes hope of less-hawkish Fed
Citing statistics, in the day’s Wall St.
closing bell, trade-sensitive Dow added 0.33 per cent to 34,302.61 and Wall Street benchmark S&P 500 soared 0.40 per cent, while tech-heavy Nasdaq rose by 0.71 per cent to 11.079.16. Over the week, all three major indices of Wall St.
had closed out the session in an upbeat tenure with the Wall Street’s Cboe Volatility Index tumbled to a nearly one-month low. For the week, Dow gained 2.0 per cent and S&P 500 added 2.7 per cent, while Nasdaq surged 4.8 per cent, marking off its largest weekly percentage gain since November 11.
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