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
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
