(Reuters) – The New York Stock Exchange ended the week on a bullish note on Friday as falling U.S. Treasury yields and the dollar restored investors’ appetite for risk despite the ever-present prospect of a rate hike Fed interest rate longer than expected.
The Dow Jones Industrial Average gained 1.17%, or 387.4 points, to 33,390.97 points.
The broader S&P-500 gained 64.29 points, or 1.61%, to 4,045.64 points.
The Nasdaq Composite soared for its part by 226.02 points (1.97%) to 11,689.01 points.
Over the week, the Dow Jones gained 1.7%, the S&P-500 1.9% and the Nasdaq 2.6%. The New York indices had not been at such a party since the end of January.
Investors were encouraged by the release of data on service sector activity in the United States, which slowed slightly in February but remained stronger than expected, with new orders and employment at their highest since a year, suggesting continued economic growth in the first quarter.
“This supports our overall view of a slow decline in inflation amid improving global growth,” Goldman Sachs market strategists said in a note.
Thursday’s remarks by Raphael Bostic also brought respite to equity markets, with the chairman of the Atlanta Federal Reserve Bank urging a “slow and steady” quarter-point rate hike. , pushing bond yields back from their four-month high reached in the previous session.
In values, Apple gained 3.50% after information from Bloomberg that its head of cloud services, Michael Abbott, is preparing to resign and make way for Jeff Robin, the creator of iTunes.
Conversely, Dell lost 0.94% after saying it expected current quarter revenue and profit to come in below estimates, due to a continued decline in demand in the computer business. pc.
After a good start to the session, Hewlett Packard Enterprise also fell 1.54% despite an optimistic profit forecast for 2023.
Retailer Costco, which has warned of the impact of inflation on demand for its products, fell 2.14%.
(Written by Lawrence Delevingne in Boston and Elizabeth Howcroft in London, French version Tangi Salaün)
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