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23/12/2024
Stock Investors Rejoice, Latest Inflation Data Takes Wall Street Soaring Higher
Monday, December 23, 2024, 07:24 WIB
The United States (US) Stock Exchange or Wall Street recorded a significant surge at the close of trading on Friday (20/12). Lower-than-expected inflation data provided new sentiment for stock investors in the US.
The following is a record of the movement of a number of indices incorporated in Wall Street. All indices recorded a significant increase:
Dow Jones Industrial Average (DJIA): Up 498.02 points or 1.18% to 42,840.26.
S&P 500 (SPX): Up 63.77 points or 1.09% to 5,930.85.
Nasdaq Composite (IXIC): Grew 199.83 points or 1.03% to 19,572.6.
Managing Director of R.J. O'Brien and Associates, Tom Fitzpatrick stated that this weekend's gains provide hope for positive movement ahead of the Christmas and New Year break.
November Personal Consumption Expenditures (PCE) data recorded only a 2.4% annualized increase, slightly below market expectations. This figure eased inflation concerns and provided optimism that the central bank could achieve its 2% inflation target without more aggressive action.
Chicago Federal Reserve (Fed) President Austan Goolsbee reinforced these expectations by saying that the decline in inflation was a positive signal.
"While we are cautious, this provides an opportunity to move toward the 2% inflation target," he said.
The latest inflation data signaled that the central bank has room for a looser monetary policy. Even so, the market still faces the challenge of uncertain economic policy and interest rate dynamics before any certainty from the Fed.
