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The Dow Jones Industrial Average rose on Friday, wrapping an eighth consecutive winning session and registering its best week of 2024.
The blue-chip index vaulted 125.08 points to 39,512.84, jumping more than 800 points on the week, or 2.1%.
The S&P 500 hung onto gains of 8.6 points to 5,222.68, for a gain on the week of 95 points, or 1.85%.
The NASDAQ turned lower 5.4 points to 16,340.87. On the week, the gain was 184, or 1.1%.
3M was the Dow’s best performer, as shares of the manufacturer rose about 1.6% 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.
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 88 cents to $78.38 U.S. a barrel.
Gold prices hiked $30.00 to $2,370.30.
