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Home»Stock Market»Stocks end turbulent month higher as US data sets stage for rate cut By Reuters
Stock Market

Stocks end turbulent month higher as US data sets stage for rate cut By Reuters

September 10, 2024No Comments2 Mins Read
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By Chibuike Oguh and Naomi Rovnick

Global stocks saw a slight increase in volatile trading on Friday, marking the fourth consecutive month of gains despite a period of heavy selling in early August. The rise was supported by positive U.S. economic data that helped the dollar recover from a weeks-long decline.

The U.S. personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation measure, rose by 0.2% in July according to data released by the Commerce Department on Friday. Consumer spending, which plays a significant role in the U.S. economy, increased by 0.5% last month, setting the stage for potential monetary policy easing by the Fed starting from September.

The Dow Jones Industrial Average closed up by 0.55% at 41,563.08, hitting a second consecutive record high. The S&P 500 gained 1.01% to 5,648.40 and the Nasdaq rose by 1.13% to 17,713.62. In Europe, the Stoxx index closed up by 0.09% and MSCI’s world share index increased by 0.77%, resulting in a 2.40% monthly gain.

The market’s recovery from the August sell-off was attributed to a “Goldilocks scenario” where the U.S. economy continues to grow without hindering potential interest rate cuts. The Fed is expected to implement a 25 basis point cut in September, with a possibility of a larger 50 bp reduction.

Government bonds rallied in early August following a weaker-than-expected U.S. jobs report and a surprise rate hike by the Bank of Japan. The yield on U.S. 10-year notes rose by 4.2 basis points on Friday to 3.909%, while the 30-year yield increased by 2.4 basis points to 3.9165%.

The dollar remained steady near a one-week high against a basket of major currencies, aiming to end a five-week losing streak. However, it was still on track for a monthly loss of around 2.5%. The euro declined by 0.2% to $1.105 due to softer-than-expected German inflation data.

Asian shares outside Japan rose by 0.48% and ended the month 2% higher. Oil prices fell, with West Texas Intermediate crude futures settling down by 3.11% to $73.55. Gold prices weakened but were on track for a 2.8% monthly gain.

© Reuters. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., July 3, 2024.  REUTERS/Brendan McDermid/File Photo

cut data Higher month rate Reuters Sets Stage stocks turbulent
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