[ad_1]
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 26, 2023.
Brendan Mcdermid | Reuters
The Dow Jones Industrial Average rose on Friday, as the major averages notched a four-week winning streak.
The 30-stock Dow rose 117.12 points, or 0.33%, to 35,390.15. Meanwhile, the S&P 500 ticked higher by 0.06% to end at 4,559.34. The Nasdaq Composite fell 0.11%, closing at 14,250.85.
Major retail shares rose slightly as Black Friday kicked off the holiday shopping season. Walmart and Target rose 0.9% and 0.74%, respectively, while Amazon ticked higher by 0.02%.
“Based on our checks, we forecast flat traffic trends this Black Friday as a budget-conscious consumer pulls back and prioritizes gifts for others vs. self,” wrote TD Cowen retail analyst Oliver Chen in a note.
For the week, the Dow gained 1.27%, while the S&P 500 advanced 1%. The Nasdaq Composite added 0.89% in that time. It’s the fourth consecutive positive week for the major averages — the longest for the S&P 500 and Nasdaq since June. The Dow, meanwhile, hasn’t posted a weekly run this long since April.
The moves come as Treasury yields this week hit multimonth lows on hope inflation is cooling and the Federal Reserve may be done raising rates. The benchmark rate was up 6 basis points at around 4.476% on Friday.
“The market’s expectation for the volatility of interest rates is continuing to collapse,” said Scott Ladner, chief investment officer at Horizon Investments. “That’s telling us that the market is coming on board finally with this idea that … 4% to 5% rates is the right level for 2024 across the curve, that the equity market can handle.””
The U.S. stock market closed at 1 p.m. On Wednesday, the major averages closed higher after the 10-year Treasury yield fell to levels not seen since September.
[ad_2]
Source link