WALL Street stocks concluded a winning quarter with a flourish yesterday, cheering better inflation data as Apple surged to a valuation of over US$3 (RM14) trillion.

All three indices spent the entire session in positive territory after the personal consumption expenditures index measure of inflation eased to 3.8% year-on-year in May, a significant drop from 4.3% a month earlier.

The data, which is closely monitored by the Federal Reserve, comes on the heels of other economic reports this week on first-quarter growth and consumer confidence that have added to hopes the US economy can avoid a recession.

The broad-based S&P 500 finished at 4,450.38, up 1.2% for the day and more than 8% for the quarter.

The Dow Jones Industrial Average gained 0.8% to 34,407.60, while the tech-rich Nasdaq Composite Index advanced 1.5% to 13,787.92.

Apple shares jumped 2.3% to conclude a session above US$3 trillion in market value for the first time, as it busted through another new landmark.

Apple’s surge helps the broader market because “it’s kind of hard for the bears to argue we are in a bear market if you have key stocks like Apple making new highs,” said Tom Cahill, director of investment management at Ventura Wealth Management.

Elsewhere, Nike shares fell 2.7% after it reported lower earnings than expected due to elevated freight and logistics costs, and the drag from discounted merchandise. – AFP, July 1, 2023.