Nasdaq Composite notches 7-week winning streak as U.S. stocks end the week higher
U.S. stock indexes finished higher on Friday with the Nasdaq Composite booking its longest weekly winning streak since November 2019, while the S&P 500 extended gains after technically exiting bear-market territory, logging fourth straight weekly advance. On Friday, the Dow Jones Industrial Average rose 43 points, or 0.1%, to end at 33,877, while the S&P 500 advanced 0.1%, to finish at 4,298. The Nasdaq was up 0.2%.
The large-cap S&P 500 index Thursday officially exited its longest bear-market run since 1948, closing 20% above last year's trough in October.
For the week, the S&P 500 posted a 0.4% gain and its fourth positive week in a row. It was the index's longest weekly winning streak since August 12, 2022. The Nasdaq Composite jumped 0.1%, while the Dow industrials rose 0.3% on a weekly basis, according to Dow Jones Market Data.
Investors looked ahead to the May inflation data set for release next Tuesday, along with the Federal Reserve's monetary policy decision due Wednesday afternoon. Markets priced in a 70% probability that the Fed will leave interest rates unchanged at a range of 5.0% to 5.25% after its meeting on June 14, according to the CME FedWatch tool
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(END) Dow Jones Newswires
June 09, 2023 16:07 ET (20:07 GMT)
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