US Stocks Extend Winning Streak Amid Positive Economic Signals

August 30, 2024 09:35 PM PDT | By Team Kalkine Media

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US Stocks Extend Winning Streak Amid Positive Economic Signals — Image source: Shutterstock

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Headlines

Record Highs for Dow and S&P 500: The Dow Jones Industrial Average reached a record high for the second consecutive day, while the S&P 500 and Dow both completed a four-month winning streak in August.
Inflation Data Aligns with Expectations: Recent inflation data met expectations, reinforcing the anticipation of a Federal Reserve interest rate adjustment in September.
Upcoming Jobs Report: Investors are closely watching the August jobs report, scheduled for release on September 6, which may influence future Federal Reserve actions.

US equities advanced on Friday, with the Dow Jones Industrial Average reaching a new record high for the second day in a row. This marks the continuation of a four-month winning streak for both the S&P 500 and Dow, driven by growing optimism for a stable economic outlook.

The latest inflation figures provided a boost, with the personal consumption expenditures index rising by 0.2% monthly and 2.5% annually, aligning with forecasts. This data supports the expectation of a forthcoming adjustment in interest rates by the Federal Reserve during its September 18 meeting.

Friday's market performance was also influenced by the consumer sentiment report, which highlighted decreasing price pressures and revised inflation forecasts. José Torres, an economist at Interactive Brokers, noted that these indicators are enhancing optimism about the Federal Reserve's future monetary policy and boosting confidence in financial stocks

Looking ahead, attention turns to the August jobs report, set for release on September 6. This report is anticipated to shed light on the labor market's health and could impact the Federal Reserve's policy decisions. Economists predict an addition of 162,000 jobs, potentially lowering the unemployment rate to 4.2% from 4.3%.

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