Stock market today: Wall Street leaps and halves its losses from what had been a dismal week
U.S. stocks are rallying to more than halve their losses in what had been one of their worst weeks of the year
NEW YORK (AP) — U.S. stocks are rallying Friday to more than halve their losses in what had been one of their worst weeks of the year.
The S&P 500 jumped 1.8% and was on track for its best day in six weeks. The Dow Jones Industrial Average was up 761 points, or 1.8%, as of 11:45 a.m. Eastern time, and the Nasdaq composite gained 1.8%.
Eli Lilly was one of the strongest forces lifting the market after a rival, Novo Nordisk, gave an update on a potential weight-loss treatment that analysts said fell short of expectations. That could benefit Eli Lilly, whose Zepbound helps treat obesity, and its stock climbed 5.1%.
The biggest push upward came from superstar stock Nvidia, which rose with the broad market after a report said a measure of inflation the Federal Reserve likes to use was slightly lower last month than economists expected. It’s an encouraging signal following recent reports suggesting inflation may be tough to get all the way down to the Fed’s 2% goal from its peak above 9%.
