Markets were up today, according to the Associated Press, one day after Wall Street rallied to one of its best days of the year as data showed the U.S. economy is holding up better than expected, with much of the credit going to the country’s shoppers. Futures for the S&P 500 and for the Dow Jones Industrial Average both edged 0.1% higher this morning.
On Thursday, the S&P 500 jumped 1.6% to 5,543.22 for its fourth-best day of the year and its sixth straight gain as the U.S. stock market righted itself following a scary few weeks. The Dow Jones Industrial Average rose 1.4% to 40,563.06, while the Nasdaq composite burst 2.3% higher to 17,594.50 as Nvidia and other Big Tech stocks recovered more of their stumbles from the past month.
Treasury yields also leaped in the bond market following the encouraging economic reports.
Traders still widely expect the Federal Reserve to cut its main interest rate at its next meeting in September, which would be the first such cut since the 2020 COVID crash.
In energy trading, benchmark U.S. crude lost 81 cents to $77.35 per barrel. Brent crude, the international standard, gave up 56 cents to $80.48 per barrel.
The dollar fell slightly to 148.72 yen from 149.27 yen.
