As a result of the entire last week, it increased by 3.8%, the Nasdaq Composite rose by 3.6%, which was the most significant rise since February. The Dow Jones Industrial Average added 4%. This is the most significant increase since March.
Fresh inflation data was released on Friday, pointing to the fastest rise in consumer prices in the country since June 1982. However, investors hope that the rate of growth in prices has reached or very close to the peak values. Consumer prices (CPI) in the US in November soared 6.8% compared to the same month last year. Inflation accelerated from 6.2% a month earlier and was in line with analysts' forecasts. Thus, the indicator remained above the Federal Reserve System (FRS) target of 2% for the ninth consecutive month.
Consumer and tech sectors on Friday posted the strongest gains in share prices among the S&P 500 industry sub-indices.
Consumer confidence in the US in December rose to 70.4 points from 67.4 points in November, which was the lowest in 10 years, according to preliminary data from the University of Michigan, which calculates this figure. Analysts on average had expected a decline to 67.1 points, Trading Economics reported. At the same time, inflationary expectations for the medium term (next year) remained at the level of 4.9% in the current month, for the long term (5 years) - at the level of 3%.
The Dow Jones Industrial Average on Friday increased by 216.3 points (0.6%) and reached 35970.99 points.
The value of Standard & Poor's 500 for the day increased by 44.57 (0.95%) - up to 4712.02 points.
The Nasdaq Composite rose by 113.23 points (0.73%), amounting to 15,630.6 points.
Costco Wholesale, the operator of the largest network of club stores in the United States, in the first financial quarter, which ended on November 21, increased its net profit by 13% and revenue by 19%, which was better than experts' expectations. The company's shares rose 6.6% on Friday.
One of the world's largest manufacturers of semiconductor products Broadcom in the fourth financial quarter (August-October) received financial results above the consensus forecast. The company also announced a massive share buyback program and a quarterly dividend hike. The price of its shares soared by 8.3%.
Oracle Corp., one of the world's leading software developers, posted a net loss in its second financial quarter, but adjusted earnings and revenues rose above analysts' expectations. The company's shares jumped 15.6%.
Among the leaders of the rise in value among the components of the Dow Jones were Cisco Systems Inc., which rose 3%, Microsoft Corp., which rose 2.8% and Apple Inc., which also rose 2.8%.
Meanwhile, Chewy Inc.'s share price fell more than 8% despite strong reporting. The online pet store reported 24% revenue growth in the third financial quarter. The company's net loss in the quarter ended October 31 was $ 32.2 million against a loss of $ 32.8 million in the same period a year earlier.
Peloton Interactive fell 5.4% after Credit Suisse downgraded its recommendation to neutral from above the market.