Economy

US stocks end higher; Nasdaq soars 3.33%

High consumer expenditures signal for strong demand, despite inflation

Gökhan Ergöçün   | 28.05.2022
US stocks end higher; Nasdaq soars 3.33%

ISTANBUL

US stocks ended with gains this week following signals that price increases could be slowing.

Personal incomes increased by 0.4% in April, while consumer expenditures rose by 0.9%, both exceeding expectations.

The rise in expenditures showed that consumption remained strong despite rising prices, and spending could support economic growth.

The blue-chip Dow Jones Industrial Average ended up 1.76%, or 575.77 points, at 33,212.96.

The S&P 500 rose 100.40 points, or 2.47%, to close at 4,158.24 points.

Meanwhile, tech-heavy Nasdaq increased 390.48 points, or 3.33%, to reach 12,131.13.

Major stock exchanges in Asia and Europe also finished the week on the positive side, while Turkiye’s benchmark stock index was down at Friday’s close.

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