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Dow Runs Streak to 8, Best Week of Year

Friday, May 10, 2024 05:34 PM | Baystreet via QuoteMedia

Dow Runs Streak to 8, Best Week of Year

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.

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