US stocks end the week with strong gains and close at session highs
The major US stock indices are closing the day at session highs and complete a strong week after multi-week declines. The Dow snapped a 8 week down streak while the S&P and Nasdaq snapped 7 week declines.
- Nasdaq has best week in more than 2 months
- Dow is up for the 6th straight day
- S&P and Nasdaq rose the final 3 days of the week and 4 of 5 days.
- S&P had its best week in 2022
The final numbers are showing:
- Dow industrial average rose and 575.77 points or 1.76% to 33212
- S&P index rose 100.38 points or 2.47% to 4158.23
- NASDAQ index rose 390.49 point or 3.33% to 12131.14
- Russell 2000 rose 49.61 points or 2.7% to 1887.85
For the trading week:
- Dow industrial average rose 6.24%
- S&P index rose 6.58%
- NASDAQ index rose 6.84%
- Russell 2000 rose 6.46%
Hey… its a good week. The catalyst was the expectation that inflation may have peaked as a result of a slowdown in the housing market and other weaker data. Yields moved lower for 3rd week in a row. The market priced out 3 rate hikes, and are now looking for 2. Fed’s Bostic also said the Fed may look to pause in September and reevaluate.