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Investors toasted the surprising resilience of the US economy Friday by lifting the S&P 500 Index to its highest close in more than 14 months and handing the Nasdaq Composite its strongest first-half performance in four decades. The Dow closed more than 280 points higher, while the S&P and the Nasdaq added 1.2% and 1.4%, respectively. PCE inflation, the Fed’s preferred inflation gauge, rose 0.3% mom, in line with forecasts and below 0.4% in April. Also, the annual core rate slowed to 4.6% and the headline PCE rate reached the lowest in nearly two years. For Q2, the Dow Jones added 2.5%, the S&P surged 7%, a third straight quarter of gains and the Nasdaq jumped 13.3%, pushing year-to-date gains to 3.8%, 16.4%, and 32.8%, respectively. European shares also closed higher on the last trading session of June, with the Euro Stoxx 50 Index rising by 1% and 1.9% for the quarter.
Summary for 03.07.2023
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