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  3. US markets close significantly higher on Friday

US markets close significantly higher on Friday

13 Aug 2022 Evaluate

The US markets closed significantly higher on Friday and lifted the major averages well off their June lows to their highest levels in three months. Optimism that inflation has peaked contributed to the continued strength on Wall Street following tamer than expected readings on consumer and producer prices. Adding more optimism, the Labor Department released a report showing US import prices fell by more than expected in the month of July. The Labor Department said import prices slumped by 1.4 percent in July after rising by an upwardly revised 0.3 percent in June. The decrease reflected the first drop in import prices since December 2021. Street had expected import prices to decline by 1.0 percent compared to the 0.2 percent uptick originally reported for the previous month. The report also showed export prices tumbled by 3.3 percent in July after climbing by 0.7 percent in June. Export prices were expected to decrease by 1.1 percent.

Buying was also intensified with a report from the University of Michigan showing consumer sentiment in the U.S. has improved by much more than expected in the month of August. The report showed the consumer sentiment index jumped to 55.1 in August from 51.5 in July. Street had expected the index to inch up to 52.5. With the bigger than expected increase, the consumer sentiment index continued to recover after hitting a record low 50.0 in June. The University of Michigan also said one-year inflation expectations dipped to 5.0 percent in August from 5.2 percent in July, while five-year inflation expectations crept up 3.0 percent from 2.9 percent. Meanwhile, reports on retail sales and industrial production are likely to attract attention next week along with a slew of housing data.

Dow Jones Industrial Average surged 424.38 points or 1.27 percent to 33,761.05, Nasdaq jumped 267.27 points or 2.09 percent to 13,047.19 and S&P 500 was up by 72.88 points or 1.73 percent to 4,280.15.

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