Dow rallies for seventh day in a row
Shares edged higher Friday, with the Dow snapping a two-week losing streak, as geopolitical tensions eased and investors welcomed mild inflation.
The Dow Jones Industrial Average rallied 91.64 points, or 0.37%, to 24,831.17. The S&P 500 added 4.65 points, or 0.1%, to 2,727.72. The Nasdaq Composite fell 2.09 points, or 0.03%, to 7,402.88.
The Dow jumped for the seventh consecutive day, marking the blue-chip index's longest winning streak in six months. The 30-member Dow remains roughly 6.7% below its last record close set in late January.
The major averages were up more than 2.3% on the week. The Dow advanced 2.34%, while the S&P 500 gained 2.41%--good for its best week since March 9.
“If the Dow can find a way above 25,000 in the process, it could signal a shift in sentiment in equity markets which have looked extremely vulnerable to another sharp decline,” said Craig Erlam, senior market analyst at Oanda. “Of course, this may depend on whether the gains have been primarily built on the rally in energy stocks in response to the withdrawal of the US from the Iran nuclear deal, or an actual belief that the market sell-off has run its course.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
Symantec, known for its Norton and LifeLock brands, tumbled 33% after disclosing an internal investigation that could force the company to restate financial results.
GameStop fell 2.6% on news that its CEO abruptly resigned for personal reasons, just three months after taking over the video game retailer.
Verizon shares gained 3% after JPMorgan analysts upgraded the stock to overweight from neutral.
Government data published Thursday included the Labor Department's report on weekly jobless claims, which remained near a 49-year low. The U.S. consumer price index climbed 0.2% in April, falling short of the consensus estimate of 0.3%.
Friday’s data included consumer sentiment, which held steady in early May at a reading of 98.8. That was better than economists anticipated.
Import prices rose less than expected in April, as higher fuel prices were partially offset by lower food prices.
U.S. crude settled nearly 1% lower at $70.70 a barrel, pulling back slightly from three-and-a-half-year highs.
FOX Business' Charles Brady and Leia Klingel contributed to this article.