On Friday, August 16th, the U.S. stock markets closed higher, with the S&P 500 and Nasdaq notching their seventh consecutive session of gains, rebounding from a recent sell-off driven by weak economic data and recession fears. Investor sentiment was lifted by positive economic indicators and growing optimism that the Federal Reserve could begin cutting interest rates in September.
According to economic data, U.S. housing started dropping 6.8% in July to 1.238 million, with building permits down 4% to 1.396 million. The University of Michigan’s consumer sentiment index rose to 67.8 in August, exceeding expectations.
Most S&P 500 sectors closed higher, led by financials, tech, and utilities, while industrials and energy stocks ended lower.
The Dow Jones Industrial Average was up 0.24% and closed at 40,659.76. The S&P 500 ended ...
