S&P 500 Hits All-Time High on Reduced Inflation Concerns... Nike Soars 15%

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed as inflation concerns eased. The S&P 500 index reached an all-time high.

On the 25th (local time), the Dow Jones Industrial Average rose 237.02 points (0.69%) to 34,433.84, the S&P 500 index increased 14.21 points (0.33%) to 4,280.70, and the Nasdaq index fell 9.32 points (0.06%) to 14,360.39.

On a weekly basis, the S&P 500 rose 2.7%, marking its largest gain since early February, and the Dow also rose 3.4%, its best weekly performance since mid-March. The Nasdaq index also increased 2.4% over the week.

The core PCE price index for May rose 3.4% compared to the same period last year, reaching the highest level since 1992, but it was in line with market expectations.

May personal consumption expenditures remained flat compared to the previous month, falling short of Wall Street's forecasted 0.4% increase, while after-tax personal income decreased by 2% month-over-month, less than the market's expected 2.7% decline. Household consumption in the U.S. accounts for two-thirds of the country's economic growth driver.

Financial stocks rose 1.25%, supported by major banks such as BOA and Wells Fargo passing the Fed's stress tests. Utility-related stocks also rose more than 1% following news of an infrastructure investment agreement.

The company that caught the market's attention that day was Nike. Nike's shares surged more than 15% after news that its quarterly sales nearly doubled compared to the previous year.

Space travel company Virgin Galactic rose nearly 39% after obtaining a license from the Federal Aviation Administration (FAA) required for civilian space travel.

Delivery company FedEx fell 3.6% as its earnings fell short of expectations due to weak employment.

This content was produced with the assistance of AI translation services.