On Wall Street on Friday, the Dow Jones and S&P 500 indices reached new all-time highs as strong macroeconomic data boosted stock prices in sectors tied to economic growth.
The Dow Jones strengthened by 121 points, or 0.80 percent, to 15,354 points, while the S&P 500 rose 0.95 percent to 1,666 points, and the Nasdaq index increased by 0.97 percent to 3,498 points. The new records for the Dow Jones and S&P 500 indices are attributed to data indicating an economic strengthening, which has driven stock price increases in the industrial and energy sectors.
Consumer sentiment in the U.S. reached its highest level in nearly six years at the beginning of May, while leading indicators of economic activity for the upcoming period hit a five-year high.
Recently released data had suggested a slowdown in the growth of the world’s largest economy in the second quarter, after it grew by 2.5 percent in the previous quarter. However, the latest reports indicate that growth may not be slowing down.
– Although slowly, the economy is recovering. Given the situation in other parts of the world, the U.S. market, despite some weaknesses, remains the best place for investment at this time – says Doreen Mogavero, director at Mogavero, Lee & Co. Strong macroeconomic data have spurred stock price increases in sectors related to economic growth, with the S&P industrial sector index jumping 1.4 percent yesterday, and the energy sector by 0.8 percent.
