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  3. US markets settle significantly higher on Friday

US markets settle significantly higher on Friday

25 Jun 2022 Evaluate

Extending their previous session’s gains, the US markets closed significantly higher on Friday as traders continued to pick up stocks at relatively reduced levels following recent weakness. Traders continue to express concerns about inflation, interest rates and a potential recession but may feel to sell-off earlier this month was overdone. Adding to more optimism on the street, shares of FedEx (FDX) soared after the delivery giant narrowly missed fiscal fourth quarter earnings estimates but provided upbeat guidance for the current year. FedEx has helped to lead a rally by transportation stocks, resulting in a 4 percent spike by the Dow Jones Transportation Average. Oil service stocks also showed a substantial move back to the upside, with the Philadelphia Oil Service Index surging 4.6 percent. Considerable strength was also visible among semiconductor stocks, as reflected by the 4.5 percent jump by the Philadelphia Semiconductor Index.

On the economic data front, the Commerce Department released a report unexpectedly showing a significant rebound in new home sales in the month of May. The report showed new home sales surged 10.7 percent to an annual rate of 696,000 in May after plunging 12.0 percent to an upwardly revised rate of 629,000 in April. The spike surprised market participants, who had expected new home sales to dip 0.5 percent to an annual rate of 588,000 from the 591,000 originally reported for the previous month. Meanwhile, a separate report from the University of Michigan showed consumer sentiment in the U.S. tumbled by slightly more than initially estimated in the month of June. The report showed the consumer sentiment index for June was downwardly revised to 50.0 from the preliminary reading of 50.2. The consumer sentiment index is down sharply from the final May reading of 58.4, plunging to its lowest level on record.

Dow Jones Industrial Average rose 823.32 points or 2.68 percent to 31,500.68, Nasdaq surged 375.43 points or 3.34 percent to 11,607.62 and S&P 500 was up by 116.01 points or 3.06 percent to 3,911.74. 

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