On Friday, U.S. stocks set yet another record as they concluded their most recent winning week. Wall Street trading was comparatively quiet overall, as the S&P 500 ended its sixth consecutive week of gains. That is the longest winning streak it has had in 2024.
The S&P 500
The S&P 500 increased by 0.4 per cent, barely surpassing the record high it had set earlier this week. The S&P 500 hit the opening bell at 5,859.43 points, The index was struggling in the opening hour, but bulls took control and propelled the index to a day high level of 5,872.17 points,
The bulls kept the rally under control for the entire trading day, the last trading session in the week, which led to a respected level, shuttering at 5,864.67 points, which was a 0.40 per cent lead amounting to a 23.20 point over closing level of previous trading day.
Nasdaq Composite
The Nasdaq composite shuttered with gains of 0.6 per cent amounting to 115.94 points over closing level of previous trading session which stood at 18,373.61 points. The last trading session for the week started with bang at 18,466.01 with lead of over 92 points over closing level of previous trading day.
The Nasdaq went to a touch the day-high level of 18,524.33 points, which was fuelled by Netflix, whose shares rose over 11 per cent which kept control of the index in the hands of bulls, which eventually led to a concluding the index with a decent closing at 18,489.55 points.
The Dow Jones Industrial Average
The Dow Jones Industrial Average added 0.1 per cent, amounting to 36 points, to reach a new record high level of 43,325.09 points after the index hit the opening bell at 43,187.12 points, which was opening bell in negative territory at the bourse, with 51.93 points lower compared to the closing level of the previous trading session.
The Dow Jones concluded the last trading session in the week with a presentable trading day with 0.085 per cent move amounting to 36.86 points.
Favourable macro data
Favourable macro data has raised optimism that the U.S. economy can escape the worst inflation in decades without suffering a painful recession, which many investors had thought was all but certain.
Additionally, optimists anticipate that stocks will rise even more as the Federal Reserve lowers interest rates to keep the economy growing.
Oil cools down
As concerns about Israel attacking Iranian oil facilities in retaliation for Iran's missile attack earlier this month subsided, oil prices fell this week. A strike could disrupt Iran's exports to China and other countries, as it is a significant producer of crude. Oil prices have also been impacted by worries about the strength of Chinese demand.
The international benchmark, Brent crude, dropped 1.9 per cent on Friday, bringing its weekly decline to 7.5 per cent. After peaking at USD 80 early last week, it is now back at USD 73.06.
