Market players are looking ahead to
A report Friday showed inflation in
The S&P 500 ended 1% higher at 3,795.73 after having been down as much as 0.4%. The Dow Jones Industrial Average rose 0.6% to 30,677.36 and the Nasdaq gained 1.6% to 11,232.19.
Smaller company stocks also gained ground. The Russell 2000 rose 1.3% to 1,711.67.
Trading has been turbulent in recent weeks as investors try to determine whether a recession is looming. The benchmark S&P 500 is currently in a bear market. That means it has dropped more than 20% from its most recent high, which was in January. The index has fallen for 10 of the last 11 weeks.
On Thursday, Powell stressed: “I don’t think that a recession is inevitable.” He has said it’s ”certainly a possibility” and that the central bank is facing a more challenging task amid the war in
Powell spoke to
As higher prices stretch pocketbooks, consumers are shifting spending from big ticket items like electronics to necessities. The pressure has been worsened by record-high gasoline prices that show no sign of abating.
Big technology and health care companies did much of the heavy lifting. Microsoft rose 2.3% and
Energy stocks fell as the price of
Bond yields fell significantly. The yield on the 10-year
AP Business Writers