The central bank is now more confident about the soft landing of the economy. Consequently, the Fed is approaching the end of its ongoing interest rate hike cycle. The inflation rate is dwindling steadily since June 2022. The second-quarter GDP growth rate eliminates the concerns of a large section of economists and financial researchers that the economy may fall into a recession in the near future. GDP grew 2.4% in second-quarter 2023 after rising 2% in the first-quarter. The Bureau of Economic Analysis reported that U.S. The blue-chip Dow also experienced significant growth buoyed by solid second-quarter earnings results of cyclical sector stocks.
The tech-laden Nasdaq Composite posted its fifth straight winning month for the first time since April 2021. The broad-market benchmark - the S&P 500 Index - recorded its fifth consecutive positive month for the first time since its seven-month streak ending August 2021. Wall Street closed July on an impressive note.
