US stocks edge higher and notch 3rd consecutive week of gains
(Photo by Michael Nagle/Xinhua via Getty Images)
- US stocks edged higher on Friday and notched a third consecutive week of gains.
- That marked the longest weekly winning streaks for the S&P 500 and Dow since July.
- Markets rode a wave of optimism this past week around the potential end of Fed policy tightening.
US stocks edged higher on Friday and notched gains for the third straight week as markets rode a wave of optimism around the potential end of Fed policy tightening.
Each of the three top indexes rallied about 2% for the week. For the Dow and S&P 500, that marked the longest weekly rally since July.
Earlier this week, cooler-than-expected inflation data convinced investors the Fed is done hiking rates. According to Bank of America analysts, the latest reading "broke the hiking cycle's back."
Friday also saw oil prices whiplash. Prices had been in a slump all week but surged upwards following news that Saudi Arabia is considering prolonging its production cuts into 2024.
Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:
- S&P 500: 4,514.02, up 0.13%
- Dow Jones Industrial Average: 34,947.28, up 0.01% (1.81 points)
- Nasdaq Composite: 14,125.48, up 0.08%
Here's what else is going on:
- Concerns that bond yields will spiral higher as fiscal conditions deteriorate aren't backed by history, according to former Citigroup strategist Matt King.
- Based on returns since 1900, Wall Street is too bearish about 2024 and is instead looking at big gains, Fundstrat's Tom Lee said.
- There are a bunch of factors setting this market up for a "classic year-end rally", according to Jay Pelosky from TPW Advisory.
In commodities, bonds, and crypto:
- Oil prices rose, with West Texas Intermediate up 3.91% to $75.75 a barrel. Brent crude, the international benchmark, jumped 4% to $80.51 a barrel.
- Gold slipped 0.19% to $1,983.5 per ounce.
- The 10-year Treasury yield remain unchanged at 4.437%.
- Bitcoin rose 1.33%% to $36,411.