Wall St wraps up best week of the year as recession fears fade
US single-family housing starts tumble in July
Jackson Hole symposium looms
Updates to market close
By Stephen Culp
NEW YORK, Aug 16 (Reuters) -U.S. stocks ended higher on Friday, extending their biggest weekly percentage gains of the year as worries of an economic downturn eased and investors focused on the Jackson Hole Economic Symposium next week.
The S&P 500 and the Nasdaq notched their seventh straight session of gains, as stocks recouped losses from a tailspin two weeks ago. The sell-off, sparkedby weak economic data and heightened recession fears,confirmed the Nasdaq had entered correction territory.
All three indexes recorded their biggest weekly percentage gains in months, with the S&P 500 and the Nasdaq postingtheir first weekly gain in five.
"What were seeing in today's markets is an extension of the comeback and the calming of earlier recession fears," said Greg Bassuk, CEO of AXS Investments in New York.
"The positive economic data is really what's fueling this rally, giving greater confidence to investors that are recession is likely to be avoided, and that the Fed will begin cutting rates in September."
A barrage of high profile economic data this week, including the Labor Department's consumer price index and a retail sales report from the Commerce Department, provided assurances that inflation continues meandering down toward the Federal Reserve's 2% target, and thatconsumer spending is healthy.
Data on Friday showed U.S. single-family housing starts dropped to a near 1-1/2-year low in July, while the University of Michigan's preliminary take on August consumer sentiment showed stronger-than-expected improvement.
Global central bank officials will speak at the symposium in Jackson Hole, Wyoming, next week, with Federal Reserve Chair Jerome Powell's keynote speech on Friday potentially setting expectations for a U.S. rate cut trajectory.
"All eyes are going to be laser-focused on Powell's comments next week," Bassuk said. "Market activity this year has consistently been based on the likelihood and extent of Fed rate cuts."
Chicago Fed chief Austan Goolsbee said in an interview with National Public Radio that central bank officials should be wary of maintaining restrictive policy longer than necessary.
According to preliminary data, the S&P 500 .SPX gained 11.34 points, or 0.20%, to end at 5,554.56 points, while the Nasdaq Composite .IXIC gained 37.31 points, or 0.21%, to 17,631.81. The Dow Jones Industrial Average .DJI rose 95.62 points, or 0.24%, to 40,658.68.
Shares of Applied Materials AMAT.O slid, reversing its surge after the chip-making equipment firm forecast stronger-than-expected fourth-quarter revenue.
Amcor AMCR.N posted a bigger-than-anticipated decline in fourth-quarter sales. The packaging company's U.S.-listed shares dropped in the wake of the report.
All 11 major S&P 500 sectors headed for weekly gains https://tmsnrt.rs/4crSE0A
Reporting by Stephen Culp; Additional reporting by Medha Singh and Shashwat Chauhan in Bengaluru; Editing by Richard Chang
면책조항: XM Group 회사는 체결 전용 서비스와 온라인 거래 플랫폼에 대한 접근을 제공하여, 개인이 웹사이트에서 또는 웹사이트를 통해 이용 가능한 콘텐츠를 보거나 사용할 수 있도록 허용합니다. 이에 대해 변경하거나 확장할 의도는 없습니다. 이러한 접근 및 사용에는 다음 사항이 항상 적용됩니다: (i) 이용 약관, (ii) 위험 경고, (iii) 완전 면책조항. 따라서, 이러한 콘텐츠는 일반적인 정보에 불과합니다. 특히, 온라인 거래 플랫폼의 콘텐츠는 금융 시장에서의 거래에 대한 권유나 제안이 아닙니다. 금융 시장에서의 거래는 자본에 상당한 위험을 수반합니다.
온라인 거래 플랫폼에 공개된 모든 자료는 교육/정보 목적으로만 제공되며, 금융, 투자세 또는 거래 조언 및 권고, 거래 가격 기록, 금융 상품 또는 원치 않는 금융 프로모션의 거래 제안 또는 권유를 포함하지 않으며, 포함해서도 안됩니다.
이 웹사이트에 포함된 모든 의견, 뉴스, 리서치, 분석, 가격, 기타 정보 또는 제3자 사이트에 대한 링크와 같이 XM이 준비하는 콘텐츠 뿐만 아니라, 제3자 콘텐츠는 일반 시장 논평으로서 "현재" 기준으로 제공되며, 투자 조언으로 여겨지지 않습니다. 모든 콘텐츠가 투자 리서치로 해석되는 경우, 투자 리서치의 독립성을 촉진하기 위해 고안된 법적 요건에 따라 콘텐츠가 의도되지 않았으며, 준비되지 않았다는 점을 인지하고 동의해야 합니다. 따라서, 관련 법률 및 규정에 따른 마케팅 커뮤니케이션이라고 간주됩니다. 여기에서 접근할 수 있는 앞서 언급한 정보에 대한 비독립 투자 리서치 및 위험 경고 알림을 읽고, 이해하시기 바랍니다.