Stock prices in the U.S. market increased on Friday as the S&P 500 and Nasdaq indexes demonstrated their best weekly performance since last month because of President Donald Trump’s selection of Stephen Miran as his interim Federal Reserve pick.
The nomination of Stephen Miran to a short-term board seat followed Adriana Kugler’s departure as Trump’s ally while speculation intensifies about Fed leadership transitions after Jerome Powell’s term expires in May.
The market participants disagree about the impact on Federal Reserve independence yet futures markets predict a 90% probability of a September interest rate reduction. Gilead Sciences experienced stock price growth following its positive outlook announcement and Expedia also experienced an increase in its stock value. Trade Desk and Pinterest experienced declines in their stock prices because of their unfavorable forecast predictions.
The S&P 500 sectors demonstrated positive movement with communication services leading the pack while healthcare remained the only sector that declined.
