US: Stocks end higher on encouraging inflation data
Wall Street stocks advanced on Friday (Jul 28), after a closely watched gauge showed that US inflation cooled further in June.
The Dow Jones Industrial Average rose 0.5 per cent to 35,459.29, while the broad-based S&P 500 climbed 1 per cent to 4,582.23.
The tech-heavy Nasdaq Composite Index surged 1.9 per cent to 14,316.66.
The movements came after government data showed that the Federal Reserve’s preferred gauge of inflation, the personal consumption expenditures price index, rose 3 per cent last month from the same period a year ago.
This was down from 3.8 per cent in May, extending a downward trend in positive news for policymakers looking to bring inflation back to their longer-run 2 per cent target.
Among individual companies, consumer goods giant Procter & Gamble shares ended 2.8 per cent higher after reporting an 11 per cent rise in profits to US$3.4 billion, in results boosted by price hikes.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Shares in Ford slumped 3.5 per cent, with the US auto giant saying its electric vehicle (EV) losses would be greater than expected in 2023 as it pushed back EV production targets.
Others that logged gains include Intel, whose shares rallied 6.6 per cent as it returned to profitability. AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Cordlife shareholders vote to remove three directors including acting chair Ho Choon Hou from board
Fraud concerns raise red flags for India’s booming tiny IPOs
SingPost, Lithuania Post ink MOU to advance global postal network
Chinese EV giant BYD to unveil plug-in hybrid pickup in Mexico
Brokers’ take: Maybank downgrades UMS to ‘sell’, cites ‘gloomy’ near-term outlook
Walmart to lay off hundreds of corporate staff and relocate others: WSJ