Nasdaq hit another record high as Wall Street rebounded from recent losses. U.S. stocks surged on Friday after experiencing the worst day since April, with the S&P 500 reclaiming all its losses from the previous two days.
The Dow Jones rose slightly, while the Nasdaq composite reached a new all-time high, surpassing its previous peak earlier in the week.
Two key players in the market, Deckers Outdoor and Ross Stores, reported strong financial results, leading to significant gains in their stock prices. The positive performance of these companies contributed to the overall market recovery.
Despite recent concerns about inflation and the Federal Reserve potentially raising rates, consumer sentiment data suggested a more optimistic outlook for the future. This news eased fears of a further increase in inflation and reassured investors.
Goldman Sachs economist David Mericle adjusted his forecast for the Fed’s interest rate cuts, attributing the change to recent reports on U.S. economic strength. Treasury yields remained relatively stable following the consumer sentiment report.
The volatile week for stocks came amidst an impressive earnings report from Nvidia, a key player in artificial intelligence technology. The company’s robust growth and optimistic forecasts helped drive the S&P 500 higher on Friday.
In international markets, indexes in Asia and Europe experienced declines, reflecting a broader trend of uncertainty and caution among investors.
Overall, the market showed resilience in the face of recent challenges, with positive earnings reports and consumer sentiment data offering a glimmer of hope for investors looking ahead.
