STAN CHOE
Wall Street blazed to another rally Friday to close a winning week, month and first half of the year after reports suggested pressure on inflation may be easing.
The S&P 500 climbed 1.2% to reach its highest level since April 2022. The Dow Jones Industrial Average rose 285 points, or 0.8%, and the Nasdaq composite jumped 1.4%.
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. That’s helped profits for companies not fall as much as feared.
“Just think back to the beginning of the year: There was more pessimism both on the economic and corporate fronts,” said Lisa Erickson, head of the public markets group
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