Wall Street Opens Higher On Upbeat Data

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Wall Street Opens Higher On Upbeat Data

By AFP – Agence France Presse

August 25, 2022

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US shares started the trading day on a positive note Thursday, buoyed by encouraging economic news, even as investors are bracing for more tough inflation talk from Federal Reserve Chair Jerome Powell.

About 30 minutes into the session, the Dow Jones Industrial Average was up 0.2 percent at 33,029.24.

The broad-based S&P 500 gained 0.7 percent to 4,169.73, while the tech-rich Nasdaq Composite Index increased 0.9 percent to end at 12,545.44.

Official data showed initial applications for unemployment benefits fell last week, dispelling concerns about a weakening job market, while GDP in the second quarter contracted by 0.6 percent, much less than first reported.

Peter Cardillo of Spartan Capital said “investors have been spooked” all week by Powell’s speech Friday at the central banking symposium in Jackson Hole, Wyoming.

He noted the upward revision to GDP included improved consumption. That is a sign Americans are continuing to spend.

“I think those two macro news (items) are basically favoring somewhat of a rebound,” Cardillo told AFP.