Wall Street rallies as it heads for a winning week, month and first half of year

New York, June 30 (BNA): Wall Street rose again on Friday after reports indicated that pressure on inflation may ease.

The stock market is coming to the end of the first week, month and half of a winning year, the AP reports.

The S&P 500 rose 1.1% in morning trade. The Dow Jones Industrial Average was up 261 points, or 0.8%, at 34,383, at 10:15 a.m. ET, while the Nasdaq Composite was up 1.5%.

The market passed 2023 in part because the economy was able to defy many predictions of falling into recession, at least for now.

The labor market in particular has remained resilient despite higher interest rates slowing the economy in hopes of lowering inflation. Not only that, Wall Street is hoping that inflation will drop enough for the Federal Reserve to soon halt its interest rate increases.

Friday’s report showed the measure of inflation the Fed would prefer to use in May. It also said consumer spending growth slowed more than expected. If there are fewer dollars chasing purchases, that could remove more pressure on inflation.

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