Wall Street finishes forgettable week with powerful rally

NEW YORK, New York - Data released Friday showed inflation in the U.S. has fallen to 2.5 percent. The news re-ignited the stock exchanges which had fallen heavily over the week.

Personal income advanced $50.4 billion (0.2 percent at a monthly rate) in June, according to estimates released Friday by the U.S. Bureau of Economic Analysis. Disposable Personal Income (DPI), personal income less personal current taxes, increased $37.7 billion (0.2 percent) and personal consumption expenditures (PCE rose $57.6 billion (0.3 percent).

The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent. Real DPI increased 0.1 percent in June and real OCE rose 0.2 percent; goods increased 0.2 percent and services increased 0.2 percent).

As the PCE is the Federal Reserve's favorite guage of inflation, pundits on Friday were increasing bets an interest cut will come in September amnd possibly two more in December. Treasury yields and the dollar retreated on the data and speculation.

"Everybody's waiting to find out if the Fed is going to be confident enough to cut. If this doesn't make the Fed confident enough, nothing will," Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls, Wisconsin told Reuters Friday.

"The economy is slowing and if they don't cut it could screech to a halt. They do have some time because certainly there's still some economic momentum but that economic momentum is fading fast," jacobsen said.

Herer is a roundup of Friday's closing quotes for the major U.S. stock indices:

S&P 500 The Standard and Poor's 500 closed at 5,459.10 points, marking a gain of 59.88 points or 1.11 percent. The trading volume for the S&P 500 was 2.586 billion shares, indicating a robust level of market activity.

Dow Jones Industrial Average The Dow Jones Industrial Average experienced a notable increase, closing at 40,589.34 points. This represents a rise of 654.27 points or 1.64 percent. The trading volume for the Dow was 327.463 million shares, showcasing strong investor interest.

NASDAQ Composite The NASDAQ Composite also saw positive movement, ending the day at 17,357.88 points. This is an increase of 176.16 points or 1.03 percent. The NASDAQ had a trading volume of 4.635 billion shares, reflecting significant market engagement.

Foreign Exchange Market Wrap-Up: Friday's Latest Quotes

The global foreign exchange markets showed mixed movements on Friday, reflecting varied investor sentiment across different currencies. The U.S. dollar initially lost ground on the back of the PCE report, but trimmed losses in late trade. In fact the Swiss franc and Canadian dollar crept into negative territory approaching the close, while gains by other major currencies were limited.

Here is a detailed look at the latest quotes Friday for key currency pairs:

Major Currency Pairs

EUR/USD (Euro / US Dollar)

• Latest Rate: 1.0858
• Change: +0.12 percent The euro appreciated modestly against the dollar, marking a modest gain of 0.12 percent.

USD/JPY (US Dollar / Japanese Yen)

• Closing Rate: 153.74
• Change: -0.11 percent
• Movement: -0.17 The greenback weakened against the Japanese yen, decreasing by 0.11 percent or 0.17 points.

USD/CAD (US Dollar / Canadian Dollar)

• Closing Rate: 1.3832
• Change: +0.05 percent The U.S. Dollar showed a slight increase against the Canadian Dollar, gaining 0.05 percent.

GBP/USD (British Pound / US Dollar)

• Closing Rate: 1.28737
• Change: +0.18 percent The British Pound strengthened against the U.S. dollar, rising by 0.18 percent.

USD/CHF (US Dollar / Swiss Franc)

• Closing Rate: 0.88335
• Change: +0.20 percent The Swiss franc, going against the trend, recorded a loss of 0.20 percent.

AUD/USD (Australian Dollar / US Dollar)

• Closing Rate: 0.6554
• Change: +0.26 percent The Australian Dollar rose against the dollar, up by 0.26 percent, indicating stronger demand.

NZD/USD (New Zealand Dollar / US Dollar)

• Closing Rate: 0.5891
• Change: +0.08 percent The New Zealand dollar experienced a slight increase, rising by 0.08 percent.

Global Stock Market Wrap-Up: Indices Close Mixed

The global stock markets showed a mixed performance as trading closed the week out on Friday. Overall, UK, European and Australian markets showed strong gains, while Asian markets had a mixed performance with some significant gains and losses. The Indian market was particularly robust, while Taiwan faced a notable decline. The global economic outlook remains uncertain, impacting market volatility and investor sentiment.

Here is a detailed look at how major indices around the world fared on Friday:

CANADA

S&P/TSX Composite Index In Canada, the S&P/TSX Composite Index closed at 22,814.81 points, gaining 206.78 points or 0.91 percent. The trading volume for the S&P/TSX Composite was 173.986 million shares, indicating healthy trading activity.

UNITED KINGDOM

FTSE 100 (United Kingdom): In London, the FTSE 100 surged by 99.36 points, closing at 8,285.71, marking an increase of 1.21 percent.

EUROPE

DAX PERFORMANCE-INDEX (Germany): The DAX rose by 118.83 points Friday, ending the day at 18,417.55, up by 0.65 percent.

CAC 40 (France): France's CAC 40 climbed 90.66 points to close at 7,517.68, an increase of 1.22 percent.

ESTX 50 PR.EUR (Eurozone): The ESTX 50 PR.EUR gained 51.22 points, closing at 4,862.50, up by 1.06 percent.

Euronext 100 Index: This index saw a rise of 15.19 points, finishing at 1,474.98, which is a 1.04 percent increase.

BEL 20 (Belgium): The BEL 20 increased by 17.99 points, closing at 4,088.20, up by 0.44 percent.

ASIA

Nikkei 225 (Japan): The Nikkei 225 on Friday dropped by 202.10 points, closing at 37,667.41, a decrease of 0.53 percent.

HANG SENG INDEX (Hong Kong): The Hang Seng Index increased slightly by 16.34 points, ending at 17,021.31, a rise of 0.10 percent.

SSE Composite Index (China): The SSE Composite Index saw a minor increase of 4.16 points, closing at 2,890.90, up by 0.14 percent.

Shenzhen Index (China): The Shenzhen Index experienced a significant gain of 122.47 points, closing at 8,597.17, up by 1.45 percent.

STI Index (Singapore): The STI Index fell by 3.98 points Friday, ending at 3,426.47, down by 0.12 percent.

S&P BSE SENSEX (India): The S&P BSE SENSEX climbed significantly by 1,292.92 points, closing at 81,332.72, up by 1.62 percent.

IDX COMPOSITE (Indonesia): The IDX Composite increased by 47.89 points, ending at 7,288.17, up by 0.66 percent.

FTSE Bursa Malaysia KLCI: This index fell by 2.30 points, closing at 1,612.88, down by 0.14 percent.

KOSPI Composite Index (South Korea): The KOSPI Composite Index gained 21.25 points, closing at 2,731.90, up by 0.78 percent.

TSEC weighted index (Taiwan): The TSEC weighted index saw a significant drop on Friday of 752.63 points, ending at 22,119.21, down by 3.29 percent.

OCEANIA

S&P/ASX 200 (Australia): The S&P/ASX 200 increased by 60.10 points, closing at 7,921.30, an increase of 0.76 percent.

ALL ORDINARIES (Australia): The All Ordinaries rose by 59.10 points, ending at 8,153.40, up by 0.73 percent.

S&P/NZX 50 INDEX GROSS (New Zealand): The S&P/NZX 50 Index Gross dropped by 46.80 points, finishing at 12,349.47, a decrease of 0.38 percent.

AFRICA

Top 40 USD Net TRI Index (South Africa): This index rose by 39.52 points, closing at 4,356.67, an increase of 0.92 percent.

MIDDLE EAST

Markets in the Middle East were largely closed Friday and will reopen on Sunday.

Related stories: The week's stock market activity:

Thursday 25 July 2024 | Dow Jones edges up 81 points amidst broader amodst broader sell-off | Big News Network

Wednesday 24 July 2024 | Dow Jones tumbles 504 points as Wall Street witnesses tech rout | Big News Network

Tuesday 23 July 2024 | Dow Jones closes down 57 points as major indices turn south | Big News Network

Monday 22 July 2024 | Dow Jones jumps 128 points on Biden exit from presidential race | Big News Network