NEW YORK (AP) — Stock prices on the New York Stock Exchange closed their most recent winning week with further gains on Friday, propelling the stock market to new highs.
The S&P 500 rose 40.81 points, or 0.8%, to finish at 5,137.08, a day after hitting a record high. It has had an extraordinary run, rising in 16 of the last 18 weeks, thanks to enthusiasm about cooling inflation and the US economy largely showing resilience.
The Dow Jones Industrial Average gained 90.99 points, or 0.2%, to 39,087.38. Technology stocks led the market, with the Nasdaq composite rising 183.02 points, or 1.1%, to 16,274.94, a day after surpassing its previous record, set in 2021.
In the bond market, Treasury yields fell after reports on the U.S. manufacturing sector and consumer confidence were less favorable than economists expected. The data reinforced bets that the Federal Reserve could begin cutting interest rates in June, especially after a report on Thursday showed that a key measure of inflation performed more or less as expected last month.
Dell Technologies helped lift the stock market after rising 31.6%. In the last quarter it recorded higher profits and income than expected by analysts, a period in which the demand for its servers optimized for artificial intelligence stood out.
A seemingly endless surge in demand for artificial intelligence technology has helped catapult the stock over the past year. The value of Dell shares has more than tripled in the last 12 months, while Nvidia shares have risen more than 260%.
NetApp advanced 18.2% after reporting better-than-expected results, and noted that it is seeing “good momentum in AI.” The data company also gave a profit margin forecast in the current quarter that exceeded several analysts’ expectations.
The mood was much bleaker in the banking sector, where New York Community Bancorp plummeted 25.9%. The bank warned investors late Thursday that it had detected deficiencies in its internal review of loans, caused by inefficiencies in supervision, risk assessment and monitoring.
Much attention has been paid to smaller regional banks after last year’s sector crisis led to the bankruptcy of several. One of them, Signature Bank, was absorbed by NYCB, causing the resulting bank to face stricter oversight amid struggles over real estate loans.
In the bond market, Treasury yields sank following the reports. The 10-year bond yield fell from 4.25% to 4.18% and from 4.28% just before the data was released.
Associated Press writers Matt Ott and Zimo Zhong contributed to this report.
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2024-03-01 23:19:36
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