By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Markets > Stocks > Wall St ends higher, posts weekly, monthly gains on solid earnings, Fed pause hopes
Stocks

Wall St ends higher, posts weekly, monthly gains on solid earnings, Fed pause hopes

News Room
Last updated: 2023/05/04 at 1:08 AM
By News Room
Share
4 Min Read
SHARE

© Reuters. FILE PHOTO: A passerby walks past an electric monitor displaying various countries’ stock price index outside a bank in Tokyo, Japan, March 22, 2023. REUTERS/Issei Kato/File Photo

By Stephen Culp

NEW YORK (Reuters) – U.S. stocks rallied to a higher close on Friday and benchmark Treasury yields dipped at the end of a week marked by strong earnings, wrapping up a solid month with data confirming inflation is cooling, which could allow the Federal Reserve to pause after next week’s expected rate hike.

All three major U.S. stock indexes advanced, but a drop in Amazon.com shares capped the Nasdaq’s gains.

Each index posted weekly gains, and while the and the Dow ended the month higher, the tech-laden Nasdaq was essentially unchanged from its March 31 close.

“It’s the last day of a fairly solid month, along with the realization that this earnings season continues to impress,” said Ryan Detrick, chief market strategist at Carson Group in Omaha. “You’ve seen some really big companies step up with impressive earnings, pushing back on the narrative that we are headed directly into recession.”

That narrative got the session off to a rocky start after Amazon.com Inc (NASDAQ:) warned of a potential slowdown, echoing Thursday’s weaker-than-expected first-quarter GDP data.

But economic data released before the bell confirmed that inflation is falling but remains well above the Federal Reserve’s average annual goal of 2%, and did little to move the needle regarding market expectations of another 25 basis-point interest rate hike when the central bank meets next week.

“The core PCE came in as expected still showing that inflation is coming back to earth,” Detrick added. “This potentially opens the door for one more rate hike next week and the Fed can pause the aggressive tightening that we’ve seen since last March.”

 

(Graphic: Inflation – https://www.reuters.com/graphics/USA-STOCKS/zgpobymajvd/inflation.png)

 

The rose 272 points, or 0.8%, to 34,098.16, the S&P 500 gained 34.13 points, or 0.83%, to 4,169.48 and the added 84.35 points, or 0.69%, to 12,226.58.

European shares staged a late-session rebound, and closed the books on April with a 1.9% monthly advance.

The pan-European index rose 0.56% and MSCI’s gauge of stocks across the globe gained 0.66%.

Emerging market stocks rose 0.50%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.52% higher, while rose 1.40%.

Treasury yields fell on signs of cooling inflation.

Benchmark 10-year notes last rose 24/32 in price to yield 3.4371%, from 3.528% late on Thursday.

The 30-year bond last rose 47/32 in price to yield 3.6733%, from 3.756% late on Thursday.

The greenback advanced against a basket of world currencies on the heels of the inflation data, and benefitting from the yen plunging after the Bank of Japan maintained its low policy rate.

The rose 0.13%, with the euro down 0.08% toat $1.1018.

The Japanese yen weakened 1.66% versus the greenback at 136.24 per dollar, while Sterling was last trading at $1.2565, up 0.62% on the day.

Oil prices jumped after data showed output slowing and fuel demand strengthening.

U.S. crude jumped 2.70% to settle at $76.78 per barrel, while settled at $79.54 per barrel, rising 1.49% on the day.

Gold prices were nominally as Treasury yields dipped and concerns persisted over the U.S. banking turmoil.

was up 0.05% at $1,988.75 an ounce.

 

 

Read the full article here

News Room May 4, 2023 May 4, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Israel to join ceasefire talks despite ‘unacceptable’ response from Hamas

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Tesla and China: EV maker is facing competition like never before, analyst says

Watch full video on YouTube

How Tariffs Will Make Everything More Expensive In The U.S. | CNBC Marathon

Watch full video on YouTube

Texas flash flood claims at least 24 lives

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Opec+ plans to boost oil output in bid to win back market share

Stay informed with free updatesSimply sign up to the Oil & Gas…

- Advertisement -
Ad imageAd image

You Might Also Like

Stocks

CPS reports solid 2023 performance, eyes future growth By Investing.com

By News Room
Stocks

Niu Technologies faces mixed results in Q4 2023 By Investing.com

By News Room
Stocks

Exagen Inc. reports strong 2023 revenue growth By Investing.com

By News Room
Stocks

Legacy Housing reports mixed results amid sales decline By Investing.com

By News Room
Stocks

Harmony Biosciences exec sells over $383k in stock By Investing.com

By News Room
Stocks

Biofrontera posts record revenue and outlines growth plans By Investing.com

By News Room
Stocks

Granite Ridge CFO buys $31,000 in company stock By Investing.com

By News Room
Stocks

Coliseum Capital Management buys MasterCraft Boat shares worth over $3.2m By Investing.com

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?