Automatic Data Processing (NASDAQ:ADP) this week rose 4.9% for the biggest decline among big-cap industrial stocks. The Industrial Select Sector SPDR ETF (NYSEARCA:XLI), whose holdings include some of the largest U.S. companies in the sector, rose 2.3% for the week.
The gains came as markets worldwide got a lift from data showing that the pace of inflation had slowed. Lower inflation would give the Federal Reserve a major reason to pause its aggressive interest-rate hikes.
The Standard & Poor’s 500 stock index (SP500) on Friday traded around the highest close since April 2022. The Dow Industrials Average (DJI) rose 2.3% and the Nasdaq Composite (COMP.IND) gained 3.3% — the best week since March.
