(MENAFN) U.S. Stocks experienced a positive close on Friday, extending their largest weekly percentage gains of the year. This uptick was driven by diminishing fears of an economic slowdown and investor anticipation for the upcoming Jackson Hole economic symposium. The S&P 500 and nasdaq both posted their seventh consecutive gains, rebounding from a significant selloff two weeks prior. This selloff, which had been spurred by disappointing economic data and increasing recession concerns, had pushed the Nasdaq into correction territory.
All three major indexes recorded their most substantial weekly percentage increases in several months, with the S&P 500 and Nasdaq achieving their first weekly gains in five weeks. The Dow Jones Industrial Average climbed by 96.7 points, or 0.24 percent, closing at 40,659.76. Meanwhile, the S&P 500 rose by 11.03 points, or 0.20 percent, finishing at 5,554.25, and the Nasdaq Composite added 37.22 points, or 0.21 percent, to end the week at 17,631.72.
The positive movement in the stock market reflects a growing confidence among investors as they await insights from the Jackson Hole symposium, which is expected to provide further clues about future economic policies. The recovery in stock prices suggests a shift in market sentiment from recent anxieties over economic health to a more optimistic outlook.…Read more by MENAFN
