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    Home»Stock Market»Dow surges 650 points as stock market snaps back
    Stock Market

    Dow surges 650 points as stock market snaps back

    July 27, 20242 Mins Read


    Wall Street staged a comeback Friday after a bruising week on some optimistic economic signals.

    The Dow Jones Industrial Average popped 654 points, or 1.6 percent, to close at 40,589, offsetting steep losses from two days before. The broader S&P 500 rose 1.1 percent to close at 5,459, while the tech-heavy Nasdaq composite index gained 1 percent to close at 17,357.

    Analysts described the gains as a classic bounce-back rally underpinned by continued optimism about the state of the economy. All three indexes suffered Wednesday after several leading tech companies posted disappointing financial results. But LPL Financial chief economist Jeffrey Roach said investors now appear to be taking more risks as the “soft landing” appears more and more likely.

    “We have an economy with low unemployment with rising wages, decelerating inflation, and a Fed on the cusp of cutting rates,” Roach said.

    The bounce-back comes on the heels of favorable inflation data, which may increase the likelihood that the Federal Reserve will cut rates in September. Data released Friday show the Fed’s preferred inflation gauge slowing to 2.5 percent for the 12-month period leading up to June, offering further evidence that the central bank’s rate-raising campaign is working. On Thursday, there was a stronger-than-expected gross domestic product reading showing the U.S. economy grew at a robust 2.8 percent annualized rate in the second quarter, capping two years of solid expansion.

    Leading the positive results Friday was manufacturer 3M, which soared 21 percent after its financial results shattered analysts estimates.

    Elsewhere, telecommunications company Charter Communications gained around 15 percent after posted sales numbers that exceeded Wall Street’s estimates.

    The stronger fundamentals have led to a broadening of the market’s 2024 rally, analysts say. Earlier in the year, the stock market’s gains were dominated by a few large tech firms, known as the “Magnificent 7,” which benefited from hype surround artificial intelligence technology.

    The gains now appear to cut across industries, said Michael Farr of the D.C.-based investment firm Farr, Miller and Washington. The Russell 3000 Index, which measures the more economically fragile small-cap stocks, is up 14 percent since the start of the year, outperforming the Dow.

    “There’s a shift from that Magnificent 6 or 7 and into some of the blue-chip stocks, as things other than AI are getting a bid,” Farr said.



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