The New York stock market rose as the stock prices of Apple and Amazon rose sharply despite the news that the inflation index, which is mainly referenced by the US Federal Reserve (Fed), rose sharply.
As of 9:58 a.m. on the New York Stock Exchange (NYSE) on the 29th (Eastern Time), the Dow Jones Industrial Average recorded 32,598.01, up 68.38 points (0.21%) from the battlefield.
The Standard & Poor's (S&P) 500 index rose 30.18 points (0.74%) to 4,102.61, and the Nasdaq index, which focuses on tech stocks, rose 128.12 points (1.05%) to 12,290.71 from the battlefield.
Investors paid attention to price indicators and earnings reports from tech companies.
The personal consumption expenditure (PCE) price index, the Fed's preferred price index, rose 6.8% from last year, hitting a 40-year high.
This day's figure increased the extent of the increase from the previous month's record of 6.3%, and rose by 1.0% from the previous month, higher than the 0.6% increase of the previous month.
The core PCE price index in June rose 4.8% from the same period last year, higher than the previous month's 4.7%.
It remains to be seen whether the Fed's intensive tightening will continue as the Consumer Price Index (CPI) surged 9.1% in June and the PCE price index shows no sign of slowing.
Amazon posted stronger-than-expected sales results and its third-quarter forecast also exceeded analysts' expectations, leading to a 11% surge in stock prices.
Shares of Apple also rose more than 3% on better-than-expected sales and earnings reports.
The surge in Apple and Amazon stocks improved investor sentiment across tech stocks.
Shares of Chevron and ExxonMobil also rose more than 6% and 3%, respectively, on the news that they performed better-than-expected results on the back of rising oil prices.
Shares of TV-streaming company Roku plunged more than 20% as the company reported better-than-expected results and warned ad sales could slow in the next quarter.
Intel shares fell more than 10% on news that quarterly earnings were below expectations.
Shares of Procter & Gamble (P&G) fell more than 4% on news that net profit was below expectations.
New York stock market analysts said expectations that the Fed's aggressive austerity measures would ease are boosting stocks.
"The market has expectations that if economic growth slows, it will become more dovish, even if the Fed goes further," Lauren Goodwin, economist at Life Investments in New York, told CNBC. It seems reasonable to bring about a buoyancy effect of
European stocks rose all at once.
Germany's DAX index rose 1.55% and the UK FTSE index rose 1.06%.
The pan-European STOXX600 index is up 1.26%.
International oil prices rose.
The September West Texas Intermediate (WTI) price rose 3.70% to $99.99 a barrel, and September Brent crude rose 2.80% to $110.14.