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Wall Street closes its second best week in 2013 by Bernanke

07/12/2013  08:17
(San Francisco) - The US stocks market finished with gains on Friday as major indexes rallied sharply into the close. Wall Street performed its third straight week of gains and its second best week of the year. Financials led.

Investor's confidence was fueled by the hopes on the ongoing bond buying program and upbeat earnings releases. Nasdaq Composite closes nearly its highest level in 13 years.

Earlier today in the United States, the Producer Price Index (YoY) rose +2.5% in June, beating estimates of +2.1%. Moreover, the Producer Price Index (MoM) climbed +0.8% in June, exceeding expectations of +0.5%. Finally, the Producer Price Index, ex Food & Energy (MoM and YoY), came in at +0.2% in June (vs. projections of +0.1%), and +1.7% in June (against a consensus of +1.6%) respectively.

The Dow Jones recovered early losses and it post a 3.15 points or 0.02% advance in the day to another record high close. The DJIA climb 2.17% on the week. YTD the Dow has advanced an impressive18.01%.

The S&P 500 added 5.17 pts or 0.31% on the day to end the week at 1,680.19. The index jumped 2.96% on the last 5 sessions and 17.81% in the year to day basis.

The Nasdaq rose 21.78 pts or 0.61% to 3,600.08. The Composite rallied 3.47% on the week and it has posted and a not bad 19.23% positive YTD.

The US stocks market finished with gains on Friday as major indexes rallied sharply into the close. Wall Street performed its third straight week of gains and its second best week of the year. Financials led.


(Market News Provided by FXstreet)

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History

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