© Reuters.
Investing.com – Stocks rose sharply on Friday following the release of inflation data and the Federal Reserve’s preferred inflation index, which showed a slowdown and an increase in the spending ratio.
The Dow Jones gained 718 points, up 2.2%, while it was up 2% and the Nasdaq was the most advanced at 2.3%. This jump came after the opening of trading with a quiet rally for the three indices.
The US stock market suffered this week due to negative earnings reports from some companies such as Microsoft, Meta, Alphabet and Amazon (NASDAQ 🙂 which followed after disappointing results, which led to the stock falling 21% later. closing deals, now followed by a 13% decline in value. The company’s market capitalization is less than a trillion dollars.
However, today’s trading saw a 7% rise in Apple (NASDAQ 🙂 stock after falling yesterday due to its earnings report which revealed that sales of the new iPhone did not live up to expectations. in the same report, the company revealed that its profits and revenues exceeded expectations.
The market got a boost after the core PCE price index in September rose 0.5% from the previous month and 5.1% from a year ago, still high but mostly in line with expectations. This is the Fed’s preferred measure of inflation. Data showed that personal spending rose 0.6%, more than expected.
The Dow and the S&P 500 are on track to end the week up around 4% and 2% respectively. Lowered a little. For the Dow, this will be the fourth consecutive positive week for the first time in a 5-week streak ending in November 2021.
He is on track to reach his largest monthly earnings since January 1987.
and oil
Gold is now down 1.3% and is now trading at $ 1641.67 an ounce, while it has lost 1.7% and is now trading at 19.163 an ounce. As for, it rose 0.30% to reach $ 110,782 per ounce.
It is now falling 1.77% to $ 87.5 an ounce, while BIT contracts are down 1.72% to $ 93.41 an ounce.
Experts tend to earn 75 basis points at the next meeting on November 2nd.
