Wall Street rallies at close, Dow soars over 400 points

Friday, 12. August 2022 22:01

Major stocks on Wall Street ended the trading session on Friday with significant gains as the positive sentiment was driven by the country's preliminary report on consumer confidence, while inflation data slightly fell from its 40-year high figure, and the average price of gasoline dropped below $4 for the first time since March.

Furthermore, according to research from Fitch Ratings, supply chain bottlenecks brought on by the global pandemic have started to fade, suggesting that inflation for key commodities will probably decline soon. Meanwhile, the Department of Commerce decided to tighten the export of sophisticated semiconductor technologies that are deemed essential to national security.

The Dow Jones Industrial Average surged over 420 points or 1.27%, as the Walt Disney Company jumped by 3.28%. The Nasdaq 100 skyrocketed by 2.06% as Workday Inc. soared 6.11%. The S&P 500 closed the trading session rising 1.73%, with Broadridge Financial Solutions advancing by 7.95%.

The euro plummeted by 0.57% against the American dollar, going for $1.02583 at 4:02 pm ET.

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