(CercleFinance.com) – The New York Stock Exchange on Friday extended its rebound triggered by the latest inflation figures, following two new encouraging economic indicators: the Dow Jones gained 1.3% to 33,761 points and the Nasdaq Composite , 2.1% to 13,047 points.
Over the week as a whole, the first index posted a rise of 2.9% while the second gained a weekly gain of 3.1% and therefore aligned a fourth consecutive week of growth, a first since last November.
“Notably, the index with a strong technological connotation has recovered 20% since its trough of June 16, which corresponds to the well-known definition of a new bull market”, underlined analysts from Wells Fargo.
On the inflation front, import prices fell 1.4% in the United States in July sequentially, after rising 0.3% in June. Excluding the 7.5% drop in fuel prices, they still fell by 0.5% last month.
This statistic confirmed the favorable impression left by the consumer and producer prices, published the previous days, which suggested that the bulk of the price increases could be passed.
Good news for consumption, the index measuring the morale of American households published by the University of Michigan rose to 55.1 in August, more than expected by consensus, after 51.5 in July, thanks to the recent decline in prices at the pump.
In stock news, Pfizer took 3.8% as the lab said Zantac products – an antihistamine that has been the subject of a number of lawsuits since February 2020 – did not involve any of its own products.
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