Stocks rallied broadly on Friday, with significant gains seen across the Dow, S&P, and Nasdaq indexes.
The Dow closed above the 40,000-point mark but missed setting a new record high.
Despite the overall positive sentiment, major U.S. banks like JPMorgan Chase, Wells Fargo, and Citigroup saw their shares decline, despite reporting robust quarterly earnings.
Friday’s market rebound marked a notable turnaround from the previous session, where the S&P and Nasdaq had slipped following a cooler-than-expected June consumer price index report.
Additionally, the producer price index for June exceeded expectations, indicating continued inflationary pressures in the economy.
Meanwhile, the yield on the 10-year Treasury note fell to 4.187% by the end of the trading day, reflecting some investor caution amid the mixed economic signals.
U.S. inflation accelerated in June, dealing a potential setback to expectations of imminent Federal Reserve rate cuts.
In a surprising long-term performance shift, gold has officially outpaced the U.S. stock market over the past 25 years—dividends included.
The United States has rolled out a broad set of new import tariffs this week, targeting over 30 countries and economic blocs in a sharp escalation of its trade protection measures, according to list from WatcherGuru.
After a week of record-setting gains in U.S. markets, investors are shifting focus to a quieter yet crucial stretch of macroeconomic developments.