NEW YORK, July 26 - A gauge of global stocks rose and was on track for its best daily performance in six weeks on Friday as equities steadied after a sharp selloff and U.S. economic data showed an improving inflation landscape, sending Treasury yields lower.
"Overall, it's been a good week for the Fed. The economy appears to be on solid ground, and PCE inflation essentially remained steady," said Chris Larkin, managing director, head of trading and investing at E*Trade from Morgan Stanley in New York. However, megacap names also showed signs of stabilizing, with the Nasdaq up more than 1% after three straight days of declines that sent the index down nearly 5%.
MSCI's gauge of stocks across the globe , rose 7.15 points, or 0.90%, to 803.93. The MSCI index was on track for its biggest daily percentage gain since June 12 but was on pace for its second straight weekly fall.
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