Market Snapshot: U.S. stocks headed for biggest gain in a month as market bounces back from Thursday slump

by | Jul 28, 2023 | Stock Market

U.S. stocks climbed on Friday as investors digested data on inflation and consumer confidence, as well as a slate of robust corporate earnings, all of which helped markets recover from Thursday’s afternoon slump.What’s happening
Dow Jones Industrial Average
gained 251 points, or 0.7%, to 35,536.

S&P 500
gained 49 points, or 1.1%, to 4,586.

Nasdaq Composite
rose by 264 points, or 1.9%, to 14,316.

On Thursday, the Dow Jones Industrial Average fell 237 points, or 0.67%, to 35,283, snapping a 13-day winning streak that was the blue-chip gauge’s longest since 1987. The S&P 500 and Nasdaq also finished lower.

What’s driving markets U.S. stocks advanced as investors digested economic data which confirmed that inflationary pressures have eased in recent months. As stocks marched higher, the S&P 500 looked set to log its biggest daily percentage-point gain since June 30, which was the last time the S&P 500 rose more than 1% in a single session, according to Dow Jones Market Data. Should the S&P 500 finish at these levels, it would snap the longest stretch of sub-1% moves in either direction for the index since November 2021. In U.S. economic data, the cost of goods and services rose a mild 0.2% in June as inflation eased again. Core price pressures, excluding food and energy, decelerated to 0.2% in June from 0.3% in May. At the same time, the rise in the employment cost index for the second quarter slowed to 1%, …

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