U.S. stocks rise after S&P 500's worst half year in decades

Xinhua
02 Jul 2022, 09:18 GMT+10

NEW YORK, July 1 (Xinhua) -- U.S. stocks climbed on the first trading day of July, following a brutal first half of 2022.

The Dow Jones Industrial Average rose 321.83 points, or 1.05 percent, to 31,097.26. The S&P 500 increased 39.95 points, or 1.06 percent, to 3,825.33. The Nasdaq Composite Index added 99.10 points, or 0.90 percent, to 11,127.84.

All the 11 primary S&P 500 sectors ended in green, with utilities and consumer discretionary up 2.48 percent and 1.97 percent, respectively, leading the gains.

The market rally came despite data showing U.S. manufacturing activity losing momentum.

The Institute for Supply Management said Friday that its manufacturing PMI (Purchasing Managers' Index) fell to a two-year low of 53 percent in June from the May reading of 56.1 percent. Economists polled by The Wall Street Journal had forecast the index to total 54.3 percent.

U.S. equities had a painful first half of this year as investors grew concerned about the possibility of a recession amid stubbornly high inflation and tightening monetary policy.

As of Thursday's close, the S&P 500 dropped 20.6 percent year to date, its largest first-half decline since 1970. The Dow lost more than 15 percent, while the tech-heavy Nasdaq was down 29.5 percent.

"Markets in the second half of the year are likely to remain volatile and trade based on hopes and fears about growth and inflation," said UBS analysts.

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