U.S. stocks rise amid economic data

  • World
  • Saturday, 29 Aug 2020

NEW YORK, Aug. 28 (Xinhua) -- U.S. stocks finished higher on Friday as investors pored through newly-released economic data.

The Dow Jones Industrial Average rose 161.60 points, or 0.57 percent, to 28,653.87. The S&P 500 increased 23.46 points, or 0.67 percent, to 3,508.01. The Nasdaq Composite Index climbed 70.30 points, or 0.60 percent, to 11,695.63.

All the 11 primary S&P 500 sectors advanced, with energy and materials up 1.85 percent and 1.1 percent, respectively, leading the gains.

Meanwhile, U.S.-listed Chinese companies traded mostly higher, with nine of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

U.S. personal consumption expenditures rose 1.9 percent in July and personal income increased 0.4 percent, the U.S. Bureau of Economic Analysis reported on Friday.

"The consumer recovery continued in July, with solid growth in both income and spending," Chris Low, chief economist at FHN Financial, said in a note, adding "compensation was significantly higher than the February low, but still has about 5 percent to go before it fully recovers."

Wall Street continued to digest the U.S. Federal Reserve's new policy strategy on inflation.

Fed Chairman Jerome Powell announced on Thursday that the central bank will seek to achieve inflation that averages 2 percent over time, a new strategy for carrying out monetary policy to help fight the COVID-19 pandemic and boost economic recovery.

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