Amazon stock surges after Prime Day sales set record – Detroit Free Press
The S&P 500 ended the past week higher in the wake of positive inflation data.
The index had climbed 2.8% on a weekly basis as of press time Friday. Other major market indexes also showed an upward trajectory, with the Dow Jones rising 2.4% on the week.
The Nasdaq Composite climbed a whopping 4%. Google’s parent company Alphabet led gainers in the tech-dominated index. Shares of the search engine leader climbed this past week after the company announced the launch of its AI search engine assistant Bard in Europe and Brazil.
Annual consumer price index inflation in June was at its lowest level since March 2021, at 3%. The rate came below average economist estimates of 3.1% and marked a whole percentage point drop since May’s 4%.
Producer price index inflation data was also welcomed positively by investors. The Thursday report showed that both PPI and core PPI (which strips out volatile food and energy prices) rose by only 0.1% in June, below the analyst consensus of 0.2%.
The…
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