Wall Street’s latest winning week closed with a mixed finish following stronger profit reports than expected from several big US companies.
| Wall Street’s latest winning week closed with a mixed finish on Friday following stronger profit reports than expected from several big US companies.P 500 slipped 4.62, or 0.1 per cent, to 4505.42 to edge back from its highest closing level since April 2022. The Dow Jones Industrial Average rose 113.89, or 0.3 per cent, to 34,509.03, and the Nasdaq composite fell 24.87, or 0.2 per cent to 14,113.70.
Wells Fargo likewise swung to a drop of 0.3 per cent from an earlier gain after reporting stronger profit for the second quarter than expected. Two reports earlier this week showed that inflation continued to cool across the US economy in June. That bolstered investors’ hopes that the Federal Reserve is close to feeling comfortable enough to halt its blistering campaign to raise interest rates.
Treasury yields rose Friday, paring some of their sharp tumble from earlier this week caused by traders paring bets for Fed rate hikes later this year.The 10-year Treasury yield rose to 3.82 per cent from 3.77 per cent late Thursday. But it’s still well below the 3.98 per cent it sat at late Tuesday, before the inflation reports were released. The 10-year yield helps set rates for mortgages and other important loans.
Solid spending by US consumers has been one of the main pillars keeping the economy out of a recession. They’ve kept spending despite high interest rates as employers have continued to hire more workers.
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