New York : : Wall Street is rallying again Friday after reports suggested pressure on inflation may be easing.
The stock market is rolling toward the close of a winning week, month and first half of the year.
The S&P 500 was 1.1% higher in morning trading. The Dow Jones Industrial Average was up 261 points, or 0.8%, at 34,383, as of 10:15 a.m. Eastern time, while the Nasdaq composite was 1.5% higher.
The market has cruised through 2023 in part because the economy has been able to defy many predictions for it to fall into a recession, at least so far.
The job market in particular has remained resilient despite high interest rates that slow the economy in hopes of dragging down inflation. Not only that, Wall Street hopes inflation is cooling enough for the Federal Reserve to soon halt its hikes to rates.
A report on Friday showed the measure of inflation that the Fed prefers to use eaed in May. It also said growth in spending by consumers slowed by more than expected. If fewer dollars are chasing after purchases, that could remove more pressure on inflation.
