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The Dow Jones gains 2.59%, the S&P-500 2.46% and the Nasdaq 2.87%
NEW YORK, Oct 28 (Reuters) – The New York Stock Exchange ended sharply higher on Friday, buoyed by strong corporate earnings and reassuring inflation data that revived investors’ risk appetite ahead of the meeting monetary policy from the Fed next week.
The Dow Jones Industrial Average gained 2.59 percent, or 828.52 points, to 32,861.8 points.
The broader S&P-500 gained 93.76 points, or 2.46%, to 3,901.06 points.
The Nasdaq Composite rebounded for its part from 309.78 points (2.87%) to 11,102.45 points.
Over the week, the Dow Jones rose 5.7%, its biggest weekly percentage gain since May. The S&P 500 gained 3.9% and the Nasdaq 2.2%. US consumer income and spending figures published before the opening of Wall Street set the tone for the last session of the week by showing a more marked increase than expected in consumption, but above all a stabilization of the rise in the PCE price index, the most watched by the Federal Reserve, at 6.2% year on year in September as in August.
The “core PCE” index, which excludes energy and food products, posted an annual increase of 5.1%, against 5.2% expected.
These statistics have reignited the debate on a possible slowdown in the Fed’s rate hike, even if the scenario of a three-quarter point hike next Wednesday remains largely favored.
“Is this deja vu again? We’ve already seen stock market rallies in anticipation of a Fed pivot,” said Keith Buchanan, portfolio manager at GLOBALT in Atlanta, hinting at a possible change. central bank monetary policy.
“If (Fed Chairman Jerome) Powell isn’t reacting, he’s comfortable with the markets pricing in a pivot,” he said.
Hopes of a slowdown in the Federal Reserve’s monetary tightening and generally positive corporate results have overshadowed the setbacks of the big technology stocks, which published disappointing results this week, even if they were received variously by Investors.
Amazon fell 6.80% after saying on Thursday that it expects sales growth to slow in the last months of the year due to the deterioration in consumer purchasing power.
Apple also said it expected a less buoyant fourth quarter than the previous ones, but its share price soared by 7.55%, the market welcoming the group’s ability to resist.
Intel for its part jumped 10.65% despite the downward revision of its annual forecast, the good performance of its activities dedicated to the personal computer market encouraging a rebound after a drop of nearly 47% since the start of the year. ‘year.
The American subsidiary of T-Mobile (+7.37%) benefited from an upward revision of its forecast for the number of subscribers.
Twitter shares were delisted in New York after Tesla boss Elon Musk (+1.52%) bought the social network for $44 billion.
* Reminder of the session in Europe:
* TO BE FOLLOWED Monday: (Report by Stephen Culp, French version Tangi Salaün)