On Friday 26th July 2024, U.S. stocks surged, and Wall Street concluded a volatile week on an upbeat note as investors considered the latest U.S. inflation data.
The Dow Jones Industrial Average soared 654 points to settle at 40589. The S&P 500 climbed to 5459 while the Nasdaq Composite advanced around 1% to close at 17357.
Dow Jones as at: 26th July 2024 – one day chart
The upward movement was attributed to a mix of oversold conditions, a U.S. GDP report on Thursday 25th July 2024 that exceeded expectations, and the anticipation that the Federal Reserve will start reducing rates in response to the economy’s demonstrated resilience.