डॉव ने 100 अंक से अधिक की छलांग लगाकर 8वां विजयी दिन और 2024 का सर्वश्रेष्ठ सप्ताह दर्ज किया

डॉव ने 100 अंक से अधिक की छलांग लगाकर 8वां विजयी दिन और 2024 का सर्वश्रेष्ठ सप्ताह दर्ज किया

Dow jumps more than 100 points to post 8th winning day and best week of 2024

The Dow surges over 100 points, securing its 8th consecutive winning day and boasting its strongest performance of 2024.

  • Global News
  • 69
  • 11, May, 2024
Jivika Chawla
Jivika Chawla
  • @JivikaChawla

Dow jumps more than 100 points to post 8th winning day and best week of 2024

On Friday, the Dow Jones Industrial Average continued its impressive rally, marking its eighth consecutive winning session and achieving its strongest weekly performance of 2024. The index surged by 125.08 points, or 0.32%, closing at 39,512.84. Meanwhile, the broader market indices saw mixed results, with the S&P 500 edging up by 0.16% to reach 5,222.68, while the Nasdaq Composite slightly dipped by 0.03%, closing at 16,340.87.

This robust performance extended to the week's overall results, with the Dow Jones Industrial Average notching a significant 2.16% gain, marking its best weekly performance since December and its fourth consecutive week in positive territory. Similarly, the S&P 500 and the Nasdaq Composite also saw their third consecutive winning weeks, with gains of 1.85% and 1.14%, respectively.

However, investor optimism was tempered by the release of consumer sentiment data, which revealed a notable increase in inflation expectations. The preliminary May reading of the University of Michigan's consumer sentiment index came in far below expectations at 67.4, signaling concerns about inflation and economic conditions. Brian Nick, senior investment strategist at the Macro Institute, highlighted the negative impact of rising inflation expectations on market sentiment, emphasizing the precarious balance between economic concerns and inflation worries.

The Federal Reserve's decision-making process regarding interest rates will be heavily influenced by the trajectory of consumer spending and hiring trends. Nick emphasized the importance of monitoring these economic indicators to gauge the likelihood of future rate cuts. Market sentiment has been buoyed by the Fed's indication that the next move is unlikely to be a rate hike, coupled with favorable labor market data, instilling confidence in the market outlook for the year ahead.

However, upcoming economic data releases, particularly April's consumer price index reading, are expected to provide further insight into inflationary pressures. This data will be closely scrutinized by investors, as it may shape expectations regarding future monetary policy decisions and their potential impact on market dynamics.

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Jivika Chawla

Jivika Chawla

  • @JivikaChawla