Market Updates
S&P 500 Jumps 2% On Lower Rate Expectations
Barry Adams
24 Jun, 2022
New York City
Stocks on Friday extended weekly gains after the release of consumer sentiment data and popular indexes are set to close the week on a higher note.
The S&P 500 and the Nasdaq are set to extended weekly gains over 5% and close up for the second time in thirteen weeks.
The index of consumer sentiment declined to 50.0 in June, a decline of 14.4% from May and 41.5% from a year ago, according to the index publisher University of Michigan.
The consumer sentiment dropped to the lowest level on record.
"Consumers across income, age, education, geographic region, political affiliation, stockholding and homeownership status all posted large declines.
About 79% of consumers expected bad times in the year ahead for business conditions, the highest since 2009," said consumer surveys director Joanne Hsu.
Traders bid up stocks after consumer inflation expectations for the year were significantly lower than the latest inflation rate of 8.6%.
The inflation expectation of 5.3% was unchanged from the previous month but long run inflation expectations declined to 3.1% from 3.3% in the previous month.
The Fed Chairman Powell stressed how critical it is to tame inflation in his testimony to lawmakers on the second day of his testimony yesterday.
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