S&P 500 ekes out another record close, posts third straight winning week
U.S. stocks rose slightly on Friday with the S&P 500 adding to its new record, as Wall Street wrapped up the week on a high note.
The S&P 500 climbed 0.2% to a fresh closing high of 4,247.44, a second record close in a row. The Nasdaq Composite advanced 0.4% to 14,069.42 with Apple, Microsoft and Netflix all registering gains. The Dow Jones Industrial Average gained 13.36 points to 34,479.60.
In terms of weekly results, the S&P 500 posted a 0.4% gain and marked its third consecutive positive week. Meanwhile, the Nasdaq Composite was the outperformer with a rally of nearly 1.9% and posting its fourth winning week in a row. The 30-stock Dow fell 0.8% on the week.
The market built on Thursday’s gain as investors shrugged off a report showing inflation rising at its fastest pace since 2008. The Consumer Price Index jumped 5% in May from a year earlier, at a slightly higher pace than expected.
Tech companies tend to underperform in a rising-rate environment as higher rates lower the present value of expected cash flow for growth-oriented companies. The tech-heavy Nasdaq has been the relative loser in 2021 among the major averages as bond yields turned higher.
Reference: CNBC
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