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Wall St ends first day of third quarter with relief rally

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Stocks on Wall Street were broadly higher in afternoon trading Friday after shaking off a downbeat start, though the major indexes were still on pace to finish in the red for the week.

Treasuries surged after an ugly first half as weak economic data added to recession fears. A late-day rebound in stocks was exacerbated by low volume ahead of Monday’s US holiday.

All three major US stock indexes reversed early losses to end in positive territory in the wake of the stock market’s“We’re headed into the holiday weekend and having a late-day relief rally,” said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. “But we’ll likely have to wait until investors return from the holiday weekend to see if it’s sustainable at the start of the new quarter.

Worries over waning demand in the face of decades-high inflation were reflected in the Institute for Supply Management’s purchasing managers’ index, which showed a deceleration in both new orders input prices.

 

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