Wall Street closes the week with an upbeat tune
U.S. equity indexes close up: Dow ~1.6%, S&P ~1.1%, Nasdaq ~1%
All S&P 500 sectors green; Industrials out front, up ~1.7%
Dollar ~flat; gold up ~1%; bitcoin up ~4%; crude drops ~2%
U.S. 10-Year Treasury yield slides to ~4.19%
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WALL STREET CLOSES THE WEEK WITH AN UPBEAT TUNE
Wall Street's major indexes closed Friday's session higher after inflation data boosted investor hopes for a Federal Reserve rate cut. Semiconductors outperformed along with transports and industrials.
The Dow transports index .DJT, up 1.66% outperformed the S&P 500 .SPX, up 1.1%, with freight stocks rallying. Leading its index point contributions by miles was Norfolk Southern NSC.N, which closed up 10.9%, for its biggest one-day gain since March 2020 after its quarterly profit beat expectations thanks to robust pricing.
Railroad operator peer Union Pacific UNP.N was the index's next biggest boost with a 2% gain after its second-quarter profit also beat Wall Street estimates on strong pricing and increased volumes. This was even as the chair of the Senate Commerce Committee said on Friday that the company interfered in a federal safety audit after employees were coached how to respond, prompting the federal rail agency to end the review.
One of the benchmark S&P 500's biggest percentage gainers was Charter Communications CHTR.O, which rose 16.6% after reporting higher than expected Q2 revenue and fewer than expected internet customer defections.
Next was Bristol Myers BMY.N, adding 11.4%, after it posted stronger-than-expected Q2 results, driven by new drugs.
The S&P's 11 major industry sectors all gained with a 1.7% advance for industrials .SPLRCI at the top of the pile, with 3M MMM.N that sectors biggest gainer, up ~23% for a record one-day percentage gain. Energy .SPNY was the biggest lagged of the sectors, adding just 0.4%.
For the week, the Dow Industrials .DJI added 0.75% for its fourth straight week of gains. The S&P 500 fell 0.82% while the Nasdaq composite .IXIC dropped 2.09% with both registering their second consecutive weekly decline.
In small caps, the Russell 2000 .RUT closed up ~1.7% for the day and 3.47% for the week for its third weekly rise in a row.
Here is your closing snapshot:
(Sinéad Carew)
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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:
EARNINGS EXPECTATIONS CREEP HIGHER - CLICK HERE
INDIVIDUAL INVESTOR BULLS TUMBLE, BEARS JUMP - AAII - CLICK HERE
FRIDAY DATA OLYMPICS: PCE (ALMOST) STICKS THE LANDING - CLICK HERE
U.S. STOCKS RISE AS INFLATION READ POINTS TO RATE CUTS - CLICK HERE
U.S. STOCK FUTURES PARE GAINS SLIGHTLY AFTER PCE - CLICK HERE
DON'T CALL IT A ROTATION - CLICK HERE
MARKETS REACTING TO RECESSION THAT ISN'T THERE - CLICK HERE
EARNINGS HELP EUROPEAN INDEXES - CLICK HERE
BUSY BUSY - CLICK HERE
STOCKS ON FIRMER FOOTING AFTER WILD WEEK - CLICK HERE
Wall Street indexes end Friday's session higher https://tmsnrt.rs/3WCzlwQ
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