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.
Robert Kiyosaki, author of Rich Dad Poor Dad, has issued a bold prediction on silver, calling it the “best asymmetric buy” currently available.
Fresh data on Personal Consumption Expenditures (PCE) — the Federal Reserve’s preferred inflation gauge — shows inflation ticked higher in May, potentially delaying the long-awaited Fed rate cut into September or later.
Federal Reserve Chair Jerome Powell is once again under fire, this time facing renewed criticism from Donald Trump over the Fed’s decision to hold interest rates steady in June.
Billionaire investor Ray Dalio has sounded the alarm over America’s soaring national debt, warning of a looming economic crisis if no action is taken.