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  3. US markets settle significantly higher on Friday

US markets settle significantly higher on Friday

28 May 2022 Evaluate

Extending their previous session’s gains, the US markets settled significantly higher on Friday. The major averages continued to recover after hitting their lowest levels in over a year in recent sessions. Sentiments got a boost following the release of a Commerce Department report showing a slowdown in the pace of core consumer price growth in the month of April. A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth slowed to 4.9 percent in April from 5.2 percent in March. The data contributed to optimism that the Fed will slow the pace of monetary policy tightening in the second half of the year. The inflation reading was included in a report showing personal income in the U.S. increased by slightly less than expected in the month of April. The report showed personal income rose by 0.4 percent in April after climbing by 0.5 percent in March. Street had been expecting another 0.5 percent increase.

Meanwhile, the Commerce Department said personal spending advanced by 0.9 percent in April after surging by an upwardly revised 1.4 percent in March. Personal spending was expected to increase by 0.7 percent compared to the 1.1 percent jump originally reported for the previous month. Traders largely shrugged off a separate report from the University of Michigan showing consumer sentiment in the U.S. deteriorated by even more than previously estimated in the month of May. The report showed the consumer sentiment index for May was downwardly revised to 58.4 from the preliminary reading of 59.1. Street had expected the index to be unrevised. The consumer sentiment index is even further below the April reading of 65.2, slumping to its lowest level since hitting 55.8 in August of 2011.

Dow Jones Industrial Average rose 575.77 points or 1.76 percent to 33,212.96, Nasdaq rose 390.48 points or 3.33 percent to 12,131.13 and S&P 500 was up by 100.40 points or 2.47 percent to 4,158.24.

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