Dow jumps over 800 points in marked comeback rally

0 Comment(s)Print E-mail Xinhua, June 25, 2022
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NEW YORK, June 24 (Xinhua) -- U.S. stocks rose on Friday as comeback rally picked up steam on Wall Street.

The Dow Jones Industrial Average jumped 823.32 points, or 2.68 percent, to 31,500.68. The S&P 500 increased 116.01 points, or 3.06 percent, to 3,911.74. The Nasdaq Composite Index was up 375.43 points, or 3.34 percent, to 11,607.62.

All the 11 primary S&P 500 sectors ended in green, with materials and communication services up 3.98 percent and 3.94 percent, respectively, leading the gains.

The rally came despite data released Friday by the University of Michigan showing that consumer sentiment hit a record low reading of 50 in June.

Investors continued to digest U.S. Federal Reserve Chair Jerome Powell's two-day testimony in front of U.S. Congress that concluded on Thursday.

Powell reiterated the Fed's commitment to combat inflation and restore price stability, while acknowledging there was a possibility of a recession.

For the week, the Dow advanced 5.4 percent, while the S&P 500 and the tech-heavy Nasdaq jumped 6.5 percent and 7.5 percent, respectively, snapping three straight weeks of losses. Enditem

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