On Friday, the S&P 500 experienced a rise in response to lower inflation data, marking its eighth consecutive week of gains as Wall Street aimed to extend its year-end rally.
The broad market index saw a modest increase of 0.17% to reach 4,754.63 points. Currently, the S&P 500 is only 0.9% away from its previous record close and 1.3% below its all-time high intraday level.
Meanwhile, the Nasdaq Composite also saw a slight uptick of 0.19% to settle at 14,992.97. In contrast, the Dow Jones Industrial Average declined marginally by 18.38 points or 0.05%, reaching 37,385.97.
Notably, all three major indices accomplished a positive performance for an eighth consecutive week, which is a noteworthy achievement. The S&P 500 has not achieved this feat since 2017, while the Dow hadn’t accomplished it since 2019. Specifically, the S&P 500 advanced by 0.8% over the week, while the Dow saw a modest rise of 0.2%. The Nasdaq demonstrated the strongest performance, surging by 1.2% during the same period.
However, a significant development that impacted the market was the drop in Nike’s stock price by nearly 12%. This decline was a direct consequence of the company revising its sales outlook and announcing a cost reduction plan of approximately $2 billion over the next three years.
Source (CNBC)
