2024-05-11 00:47:54
Today closed up Dow Jones for the eighth consecutive session, while on a weekly basis it presented the best five-day period during 2024.
The Dow rose 125.08 points, or 0.32%, to 39,512.84. THE S&P 500 rose 0.16% to end at 5,222.68. On the contrary, the Nasdaq closed with a marginal fall of 0.03% at 16,340.87 points.
The best performer among Dow stocks was 3M, up 1.9% thanks to an upgrade from HSBC.
The consumer confidence index released today in the US showed a small rise in inflation expectations, which held the market. The University of Michigan’s consumer confidence index fell below expectations in May, to its lowest level in six months.
“These figures show that inflation is not moving in the right direction. Traders see that the situation is not improving and are worried about the path of inflation. And that’s not a good recipe for stocks and bonds,” said Brian Nick, strategist at the Macro Institute.
On a weekly basis, the Dow Jones gained 2.16%, its best weekly performance since December and its fourth straight week of gains. The S&P 500 and Nasdaq advanced for a third straight week with gains of 1.85% and 1.14% respectively. For the S&P 500, it’s the longest stretch of gains since February.