Although the consumer confidence index fell to 50 in June, a historical low, consumers expected 12-month inflation to fall to 5.3%. The three major US stock indexes rebounded sharply on Friday, reversing a three-week losing streak.
The Dow rose sharply after opening higher, soaring more than 800 points before the close; the SSI and the Nasdaq both rose more than 3%.
The Dow closed at 31,500 points, up 823 points or 2.68%, up 5.4% for the week; the benchmark index closed at 3,911 points, up 116 points or 3.06%, up 6.5% for the week; the Nasdaq Composite was at 11,607 points, up 375 points or 3.34% for the week rose 7.5%.
Cruise stocks rose significantly, Carnival Cruise Lines rose 12.44%, Royal Caribbean Cruises rose 15.77%, Norwegian Cruise Line rose 15.36%.
Financial stocks also rose sharply, Wells Fargo rose 7.55%, Capital One rose 5.64%, Goldman Sachs rose 5.79%.
Major technology stocks rebounded. Apple rose 2.45%, Microsoft rose 3.41%, Tesla rose 4.52%, Amazon rose 3.58%, Meta rose 7.19%, Alphabet rose 5.11%, and NVIDIA rose 5.55%.
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