All three major U.S. stock indexes ended the session green, with the Nasdaq, powered by megacap momentum stocks, enjoying the biggest gain.
From last Friday’s close, the S&P and the Dow posted their third weekly gains in four, while the tech-laden Nasdaq notched its fourth straight weekly advance.
So far in the early weeks of 2023, the Nasdaq has jumped 11%, while the S&P 500 and the Dow have gained 6% and 2.5%, respectively.
“It’s a nice end to another solid week of what’s shaping up to be a historically strong month,” said Ryan Detrick, chief market strategist at Carson Group in Omaha. “It’s a realization that inflation continues to come down quickly and that is alleviating a lot of worries regarding the economy.”
The Commerce Department’s hotly anticipated personal consumption expenditures (PCE) report arrived largely in line with consensus, showing softening demand and cooling inflation – which is exactly what the Federal…
Read More