US Dow extends winning streak for 8th day

US stocks were mostly higher on Friday, 10 May 2024, with the Dow extending winning streak for the eighth consecutive day, as renewed optimism about the outlook for interest rates after recent data indicated some softness in the U.S. labor market.

However, market trimmed early gains after the release of a report from the University of Michigan showing a substantial deterioration in U.S. consumer sentiment in the month of May.

At closing bell, the Dow Jones Industrial Average index climbed up 125.08 points, or 0.32%, to 39,512.84. The S&P500 index advanced by 8.60 points, or 0.16%, to 5,222.68. The tech-heavy Nasdaq Composite index decreased by 5.40 points, or 0.03%, to 16,340.87. For the week, the Nasdaq jumped by 1.1%, while the S&P 500 and the Dow surged by 1.9% and 2.2%, respectively.

Total 06 of 11 S&P500 sectors closed higher along with S&P500 index. Consumer staples sector was top performer, rising 0.64%, while consumer discretionary sector was bottom performer, falling 0.6%.

ECONOMIC NEWS: The University of Michigan released U.S. consumer sentiment report on Friday showing its consumer sentiment index plunged to 67.4 in May from 77.2 in April. The report also showed a notable increase in year-ahead inflation expectations, which jumped to 3.5% in May from 3.2% in April. Long-run inflation expectations also inched up to 3.1% in May from 3% in April.

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