Summary:
- Dow Jones industrial gains on Friday.
- GBP reacts well to Sunak’s stimulus package
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DJIA sees relief on Friday
The Dow 30 rose on Friday as signs of peaking inflation and consumer resilience instilled investor confidence entering the long weekend, backing positive attitudes towards tightening monetary policy. Investors may be leaning toward the Fed tightening monetary policy without tipping the US economy into a recession. The Dow Jones benefited from this market sentiment.
Data released on Friday indicated that consumer spending exceeded market expectations and drove the DJIA upwards, which drove investor confidence higher.
DJIA Price Chart
Pound Sterling reacts well to Sunak’s announcement
The GBP may have stabilised in the wake of Sunak´s announcement of a stimulus package, however, concerns that the UK economy is heading into a recession still looms. The stimulus to try and save the UK economy may be short lived, what the greater impact will be on the UK economy is still a concern going forward.
Sources: finance.yahoo.com, poundsterlinglive.com
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