The major US stock indexes surged by approximately 2% to 3% during the week, surpassing the losses incurred in the previous week. Notably, the S&P 500 and NASDAQ attained their highest levels in the past 15 months. The NASDAQ experienced a remarkable gain of over 3%, marking its most impressive weekly performance in four months.
The stock market received a significant boost from a midweek report on U.S. inflation, which revealed that the Consumer Price Index fell to an annual rate of 3.0% in June. This is the lowest level recorded since March 2021, demonstrating a consistent decline from its peak of 9.1% in June 2022, which marked a four-decade high. Furthermore, another report published on Thursday indicated a decrease in inflationary pressures at the wholesale level.
The index that tracks investors’ expectations of short-term U.S. stock market volatility also witnessed a decline of approximately 10% throughout the week. After a previous increase, the Cboe Volatility Index retreated to a level slightly above its multi-year low achieved on June 22.
Reviewing the US Stock Markets, the Nasdaq Composite, recorded a decent gain of 453 points, reaching a closing value of 14,113 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, adding 107 points to settle at 4,505 points. Meanwhile, DJIA Index experienced a notable surge, adding by 775 points during the week and concluding at 34,509 points after a week of gain.
In contrast, Russell 3000 Index saw a gain in week performance, with a hike of 66 points to reach 2,591 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable added of 67 points, ending the week at a steady 1,931 points.
