On Wednesday, the Nasdaq and the S&P 500 logged their worst day since 2022
Wall Street ’s main indexes rose on Thursday, with the Dow soaring nearly 500 points and the Nasdaq and the S&P reversing early losses, asIn midday trading he Dow Jones Industrial Average jumped 466 points, or 1.2%, to 40, 320, the S&P 500 gained 0.9%, and the Nasdaq climbed 0.9%.
“We’ve been calling for a Goldilocks recovery, expecting the economy to hold up, and this report shows that the economy is actually quite strong. The Fed doesn’t necessarily need to kill growth; they’re really looking to just kill inflation,” said Brian Klimke, Cetera Investment Management’s chief market strategist.
Data showed the US economy expanded 2.8% in the second quarter, versus an estimate of 2%, but inflation subsided, leaving expectations of a September Fed rate cut intact.Investors are now watching for the personal consumption expenditures price data on Friday, to confirm bets of an early start to interest-rate cuts after the recent trend of easing inflation and some weakness in the labor market.
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