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US markets rally, Nike & Virgin Galactic shares surge

US markets finished the week on a strong note with the more cyclical Dow Jones and S&P 500 adding 0.7% and 0.3%, respectively, whilst the Nasdaq was broadly flat.

Over the week all three indices were positive, up 3.4%, 2.7% and 2.4% with Biden’s infrastructure deal combined with some calming words from the Federal Reserve supporting sentiment.

More data was released on Friday showing the mixed strength of the economy with consumer spending in May finishing flat, well below forecasts of a 0.4% increase.

The Federal Reserve’s preferred inflation measure, the PCE or Core Personal Consumption Expenditure index, also missed expectations, increasing 0.5% in May as the impact of stimulus wore off.

Banking stocks including JP Morgan (NYSE: JPM) also rallied after the long-awaited stress test showed the majority of the sector easily passed.

Nike hits record and space travel approved

Virgin Galactic (NYSE: SPCE) jumped 39% on Friday after receiving approval to complete consumer space travel whilst Nike (NYSE: NKE) hit a new record after recording a near doubling of sales over the last 12 months.

Nike announced a 96% increase in sales to US$12.3 billion on the back of emerging markets and online sales, which have also doubled to US$9 billion in just two years. The group now calls 300 million people members with Nike shares responding by jumping 15%.

US stock market movers

Here’s how other popular US stocks closed out the week on Friday.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to open broadly flat on Monday. For all the latest, check out Rask Media’s ASX 200 morning report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

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You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Disclosure: At the time of publishing, Drew owns shares in Alibaba.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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