U.S. stocks witness rebound on improved consumer inflation prospects
Date
5/26/2024 4:22:31 AM
(MENAFN) US Stocks experienced a rebound during Friday's session following significant losses in the previous day, buoyed by positive news regarding consumer expectations for inflation. This optimistic outlook helped propel the nasdaq index to its fifth consecutive week of gains, reaching an unprecedented high at the close. The Commerce Department announced that new orders for capital goods manufactured in the United States had rebounded more than anticipated in April. Additionally, the University of Michigan reported an improvement in consumer expectations for inflation in late May, reversing the deterioration observed earlier in the month.
On Friday, the Dow Jones Industrial Average saw a modest rise of 4.33 points, or 0.01 percent, closing at 39,069.59 points. The Standard & Poor's 500 index increased by approximately 36.88 points, or 0.70 percent, to 5,304.72 points. Meanwhile, the Nasdaq Composite Index advanced by 184.76 points, or 1.10 percent, closing at 16,920.79 points. Despite the gains on Friday, the Dow Jones ended its five-week winning streak, having recorded its largest daily percentage decline in over a year just a day earlier.
For the week, the Dow Jones index fell by about 2.33 percent, while the Standard & Poor's 500 rose slightly by 0.03 percent, and the Nasdaq increased by 1.41 percent. This mixed performance highlights the varying dynamics within the market, with positive consumer sentiment on inflation playing a key role in the overall recovery seen in the stock indices.
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