- July 28, 2023
- Posted by: legaleseblogger
- Category: Related News
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Stocks Rebound as Inflation Pressures Continue to Ease in US Economy
The stock market rebounded early Friday as the latest data from the Federal Reserve indicated a continued cooling in inflationary pressures in the US economy. This positive development comes on the heels of the Personal Consumption Expenditures (PCE) Price Index, released Friday morning, which revealed a 4.1% increase in prices on a “core” basis (excluding food and energy) compared to the previous year. This represents the smallest rise since September 2021.
These findings align with the earlier Consumer Price Index (CPI) numbers, which showed a 4.8% rise in core inflation over the past year. Both the PCE and CPI, including food and energy components, demonstrated a 3% increase in prices compared to last year.
However, the markets were rattled earlier in the morning by a surprise rate shift from the Bank of Japan. Despite this temporary disruption, the Dow Jones Industrial Average (^DJI) opened with a 0.4% gain, attempting to add to its longest winning streak since 1987. The S&P 500 (^GSPC) saw a 0.7% increase, while Nasdaq Composite (^IXIC) futures surged 1.2%, signaling a potential recovery from Thursday’s losses across major indices.
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