Dow Aims for 8 in Row

The Dow Jones Industrial Average rose on Friday, putting the 30-stock index on track for yet another winning session.

The blue-chip index stayed positive 69.84 points to 39,457.60, putting the 30-stock index on track for its eighth consecutive positive day for its longest winning streak of 2024.

The S&P 500 hung onto gains of 2.6 points to 5,216.68.

The NASDAQ turned lower 23.04 points to 16,323.23.

3M was the Dow’s best performer, as shares of the manufacturer rose about 1.1% on the back of an upgrade from HSBC.

Consumer sentiment data released Friday morning reflected a big uptick in inflation expectations, throwing some cold water on the market.

The preliminary May reading for the University of Michigan’s consumer sentiment index came in at 67.4, far below a Dow Jones estimate of 76 and marking its lowest reading in about six months.

The Dow enters Friday riding a seven-day winning streak, its longest since a nine-day run seen in December. The S&P 500 also advanced Thursday, closing above 5,200 for the first time since early April.

Stocks are on pace for a winning week. The Dow has gained 2.2%. The S&P 500 gained 1.9%, and the NASDAQ was higher by 1.3%.

Prices for the 10-year Treasury sagged, raising yields to 4.50% from Thursday’s 4.46%. Treasury prices and yields move in opposite

directions.

Oil prices skidded 35 cents to $78.91 U.S. a barrel.

Gold prices hiked $31.00 to $2,371.30.



Source link

About The Author

Scroll to Top