Wall Street gains accelerated in the last hour of trading with the Dow closing 823 points higher, the S&P 500 adding 3%, and the Nasdaq advancing 3.3% as expectations of higher and faster rate hikes cooled. While recessionary fears remained a top concern among investors, recent economic data pointing to a moderation in inflation expectations sparked speculation that central banks may take their foot off the pedal. The University of Michigan survey showed that consumer sentiment hit a record low level in June and its gauge of inflation expectations over the next 5 to 10 years, fell to 3.1% from 3.3%. All three major averages snapped three-week losing streaks with the Dow up 5.4%, the S&P 500 - adding 6.5% - its biggest advance since May 2020, and the Nasdaq surging 7.5%.
Historically, the United States Stock Market Index (US30) reached an all time high of 36952.65 in January of 2022. United States Stock Market Index (US30) - data, forecasts, historical chart - was last updated on June of 2022.
The United States Stock Market Index (US30) is expected to trade at 29093.74 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 26834.15 in 12 months time.