Wall Street's three major indexes advanced solidly
the $3 trillion mark for the first time since January 2022, adding 2.3% to close at $193.97 after hitting a record of $194.48. It was lifted by growing appetites for growth stocks generally as well as bets the iPhone maker will succeed in new markets.
Investors perked up for the last day of the second quarter on signs of cooling U.S. inflation from measures that are closely watched by the Federal Reserve.the Personal Consumption Expenditures index advanced 3.8% versus April's 4.3%. Excluding volatile food and energy, the core PCE index gained 0.3%, down from 0.4% in the previous month.
The data fueled hopes the Fed could be near the end of its rate-hiking cycle. It helped that Treasury yields fell in response to cooling inflation, said Burns McKinney, portfolio manager at NFJ Investment Group in Dallas, Texas. "Everything is going up because you're seeing the economy cooling but not that much. The Fed might have a better-than-we-thought shot of threading the needle and cooling inflation without killing the economy in the process," said McKinney.
The money manager said he still does not think the Fed can dampen inflation without causing a recession, but "the chances are going up."
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