U.S. Stocks Up Firmly In Positive Territory, Look Set To End On Strong Note
U.S. stocks are up firmly in positive territory Friday afternoon, with technology shares outperforming as investors react to quarterly earnings updates.
Easing worries about interest rates following the Federal Reserve hinting at a pause in hikes as early as September.
Data showing a slowdown in PCE inflation in June has added to expectations the Fed will soon end its tightening cycle.
The major averages are all up with strong gains. The Dow is up 148.12 points or 0.42 percent at 35,430.84. The S&P 500 is gaining 39.81 points or 0.88 percent at 4,577.22, while the Nasdaq is up 252.11 points or 1.79 percent at 14,302.22.
Data released by the Commerce Department showed personal income rose by 0.3 percent in June after climbing by an upwardly revised 0.5 percent in May. Economists had expected personal income to increase by 0.5 percent compared to the 0.4 percent advance originally reported for the previous month.
Meanwhile, personal spending climbed by 0.5 percent in June after inching up by an upwardly revised 0.2 percent in May. Economists had expected personal spending to rise by 0.4 percent compared to the 0.1 percent uptick originally reported for the previous month.
Intel is climbing more than 5.5 percent, continuing to benefit from upbeat second-quarter earnings.
Meta Platforms is up nearly 4 percent, riding on strong quarterly earnings. Microsoft is up 2.5 percent, Apple is gaining 1.5 percent and Verizon is advancing 2 percent.
P&G, Boeing, Merck, American Express and Caterpillar are also notably higher.
Cisco Systems is down 2.1 percent. Walgreens Boots Alliance is also down more than 2 percent. Chevron, McDonalds and Goldman Sachs are down with moderate losses.
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