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  3. US markets end mostly higher on Friday

US markets end mostly higher on Friday

26 Jun 2021 Evaluate

The US markets ended mostly higher on Friday as optimism about strong economic growth overshadowed concerns about inflation. The Federal Reserve last week forecast rate hikes in 2023, but traders seemed to bet on hopes a tighter monetary policy is not imminent and despite any tapering of asset purchase program sometime in the not-too-distant future, the program will continue to support markets until that time. The Fed is likely to begin tapering its asset purchase program in the not-too-distant future, but the program will continue to support the markets until that time.

On the economic data front, a report from the Commerce Department showed the annual rate of core consumer price growth in May matched street estimates. The reading on inflation said to be preferred by the Fed showed the annual rate of core consumer price growth accelerated to 3.4 percent in May from 3.1 percent in April. The Commerce Department also said personal income slumped by 2.0 percent in May after plunging by 13.1 percent in April. Street had expected personal income to tumble by 2.5 percent. Meanwhile, the report showed personal spending was virtually unchanged in May after climbing by 0.9 percent in April. Personal spending was expected to rise by 0.4 percent. A report from the University of Michigan said that its consumer sentiment reading for the US was revised lower to 85.5 in June from a preliminary reading of 86.4. Although market had expected to score to come in at 87.4, it still remained the second-highest since start of the pandemic.

Dow Jones Industrial Average rose 237.02 points or 0.69 percent to 34,433.84 and S&P 500 was up by 14.21 points or 0.33 percent to 4,280.70, while Nasdaq fell 9.32 points or 0.06 percent to 14,360.39.

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