By Medha Singh and Shashank Nayar
(Reuters)-Wall Street’s key average rose on Friday as investors ignored data showing inflation surges, but recent concerns about price spikes maintained the lowest monthly rise since February.
Consumer prices, as measured by the Consumer Price Index (PCE), rose 0.7% in April after a 0.4% rise in March, excluding volatile food and energy factors. Economists surveyed by Reuters expected an increase of 0.6%.
In the 12 months to April, the so-called core PCE price index surged 3.1%, well above the Fed’s target of 2%, reflecting the buildup of demand as the economy resumed.
“The market doesn’t care much about inflation and is interested in the fact that a reopening of the economy will improve corporate performance,” said Rick Meckler, a partner at Cherry Lane Investments in New Jersey. Told.
“The Fed’s recent comments have helped alleviate inflation concerns.”
Technology stocks boosted the S & P 500 the most, with Salesforce.com (NYSE :) up 6% after raising its full-year earnings and earnings forecast, supported by rising demand for cloud-based software during a pandemic. Has increased.
While the S & P 500 is less than 1% above its highs earlier this month, many major banks are primarily Apple Inc (NASDAQ :) and Amazon.com Inc (NASDAQ :).
Investors are also hedging against market volatility as summer approaches. According to a Reuters poll, strategists expect the S & P 500 to end the year with 4,300 points. This is about 100 points above Thursday’s closing price.
The US stock market will also be closed on Monday due to Memorial Day.
At 12:08 EST, the S & P 500 rose 125.69 points (0.36%) to 34,590.33, and the S & P 500 rose 16.56 points (0.39%) to 4,217.44, rising 78.95 points (0.537.8%) to 125.95. It became a point.
The White House on Friday will offer President Joe Biden’s budget for trillions of dollars in infrastructure, education and other initiatives, which will affect Republicans who want to curb U.S. government spending. Is unlikely to be given.
Dell Technologies (NYSE :) Inc and HP Inc (NYSE :) reported higher-than-expected quarterly sales on Wall Street, but computer chip shortages are ongoing and computer chip shortages are capable of meeting demand After warning that they could have an impact, each stock fell 1.7% and 8%. This year is a laptop.
Boeing (NYSE :) Co fell 1.8% after reports of suspension of delivery of the 787 Dreamliner, adding new delays to customers following the last five months of suspension due to production issues it was done.
The number of stocks ahead of schedule exceeded the number of stocks that fell, with a ratio of 1.4 to 1 on the New York Stock Exchange and 1.2 to 1 on Nasdaq.
The S & P 500 recorded 22 new 52-week highs and one new low, while the Nasdaq recorded 134 new highs and 26 new lows.
Wall Street moves forward, unwavering in inflation surges Reuters
https://www.investing.com/news/economy/futures-firm-ahead-of-key-inflation-report-2518062 Wall Street moves forward, unwavering in inflation surges Reuters