Morning Report 15 Aug 22: US sharemarkets were firmer on Friday

US sharemarkets were firmer on Friday on hopes that inflation has peaked. All of the 11 S&P 500 sectors posted gains with banks up 1.4%. Semiconductors gained 3%. According to Refinitiv estimates, S&P 500 companies posted 9.7% earnings growth in the June quarter, above earlier forecasts of 5.6%. The Dow Jones index closed up by 424 points or 1.3%. The S&P 500 index rose by 0.7% and the Nasdaq index lifted by 268 points or 2.1%. Over the week the Dow rose by 2.9%; the S&P 500 rose by 3.2%; and the Nasdaq rose by 3.1%.

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