Wall Street Recovers A Bit In Its Worst Week Since October 2023

Wall Street closed its worst week since Halloween with a listless Friday after reports showed workers are getting bigger raises, but key parts of the economy still don’t look like they’re overheating, Stan Choe reported for the Associated Press (AP).

Tracking a waning Wall Street, indexes were also lower across much of Asia. I Photo: New York Stock Exchange Facebook

The S&P 500 rose 8.56 points, or 0.2%, to 4,697.24 after drifting between small gains and losses throughout the day.

It capped the first down week for the index in the last 10, after it roared into 2024 on hopes that inflation and the overall economy are cooling enough for the Federal Reserve to cut interest rates sharply through the year.

The Dow Jones Industrial Average rose 25.77, or 0.1%, to 37.466.11 and inched closer to its record set earlier in the week. The Nasdaq composite added 13.77, or 0.1%, to 14,524.07.

In stock markets abroad, indexes were mostly lower in Europe after data showed inflation rose to 2.9% in December. The rebound after seven monthly declines fueled debate over how soon the European Central Bank could cut its own interest rates.

Indexes were also lower across much of Asia. Japan’s Nikkei 225 was an exception and rose 0.3%. Japanese exporters are betting a boost from the falling value of the yen against other currencies.

The yen has weakened in recent days amid speculation the Bank of Japan might go slowly on changing its ultra-aggressive policy on interest rates following Monday’s major earthquake in central Japan.

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