The New York Dow Jones Industrial Average closed up 482.54 points on positive economic data.
Today (Oct. 2), the Dow Jones Industrial Average closed higher overnight (Oct. 1), boosted by optimistic US economic data releases, progress in fight against COVID-19 and the trend of passing legislation on infrastructure spending.
The Dow Jones Industrial Average closed at 34,326.46, up 482.54, or +1.43%, the S&P 500 closed at 4,357.04, up 49.50, or +1.15%, and the Nasdaq closed at 14,566.70, up 118.12, or +0.82%.
But in this week The Dow was down 1.4%, the S&P500 was down 2.2% and the Nasdaq was down 3.2%.
The New York Stock Exchange was volatile on Friday morning. but began to recover in the end of the market led by stocks that adjust according to economic conditions After the White House announced President Joe Biden has become increasingly involved in the talks on the infrastructure spending bill currently being debated in the U.S. Congress.
The Dow has also been boosted by President Joe Biden has signed an interim budget bill. This will allow US federal agencies to budget until Dec. 3 and avoid them being shut down.
Shares of U.S. pharmaceutical giant Merck & Co jumped 8.4 percent on the good news as the company prepares to file a complaint with the U.S. Food and Drug Administration (FDA) seeking approval for molnu. Piravir in an emergency After clinical trials, the results were satisfactory.
Ten of 11 stocks in the S&P 500 index closed up, with the exception of health care stocks that closed negative. The share price of Pfizer, Inc. and Moderna, Inc., the manufacturers of the COVID-19 vaccine. plummet hard After revealing the efficacy of molnupiravir in the treatment of COVID-19
The key US economic data released on Friday are: The US Department of Commerce reports that Personal Consumption Expenditure (PCE) price index, which excludes food and energy category It is a measure of inflation that the Federal Reserve has focused on, rising 3.6 percent year-on-year in August. This was the biggest increase since May. The core PCE index rose 0.3% in August, 0.2% higher than analysts’ expectations.
The rise in the core PCE index was caused by supply chain disruptions. and the demand for fuel at a higher than normal level
The general PCE index, which includes food and energy, rose 4.3 percent in August year on year. And it was the biggest increase since January. 1991, on a monthly basis, the general PCE index rose 0.4% in August.
The PCE Index is a measure of inflation that can detect changes in consumer behavior. And it covers a broader range of prices for goods and services than the Consumer Price Index (CPI) data from the US Department of Labor.
The US Department of Commerce also revealed that Personal spending by U.S. consumers rose 0.8% in August, higher than analysts’ estimate of 0.7%, while personal income rose 0.2% in August, in line with expectations. analysts predict The consumer savings rate rose 9.4 percent to $1.71 trillion in August. After rising 10.1% in July
Information from: IQ
Picture from: AFP
