NEW YORK (DOW JONES) – US stocks continued to rally on Friday. The Dow Jones Index moves slightly after the opening bell. The S&P 500 is up 0.3 percent and the Nasdaq Composite is up 0.5 percent. Investors draw confidence from reliable trading data from the tech giants of Amazon and Apple. The surprisingly weak GDP, which was already published on Thursday, also has a supporting effect.
While the US economy is in a technical recession, with a renewed slowdown in the second quarter, it gives hope that the US Federal Reserve will slow the pace of its rate hikes. Observers also point out that some parts of the US economy are still doing very well and employment conditions are still excellent.
In the economic data for the day, the focus has been mainly on the labor cost index from the second quarter. This turned out to be higher than forecast by economists, which analysts at MUFG believe could fuel inflation concerns and speculation about a hike in interest rates. In June, personal income and expenditure each grew slightly higher than expected. It is followed by the Chicago Area Purchasing Managers Index and the University of Michigan’s July Consumer Sentiment Index.
Amazon and Apple refused – Intel also disappointed profit alert
Apple shares are up 2.5 percent. The iPhone maker posted a decline in sales and profits, but performed better than expected. Amazon jumped 9.5 percent. The online giant reported losses for the second…
