As the major averages recorded a four-week winning streak, the Dow Jones Industrial Average increased on Friday.
A gain of 117.12 points, or 0.33%, brought the 30-stock Dow to 35,390.15. In the meantime, the S&P 500 finished at 4,559.34, up 0.06%. With a 0.11% decline, the Nasdaq Composite closed at 14,250.85.
With Black Friday marking the start of the holiday shopping season, major retail shares saw a small increase. Amazon increased by 0.02%, while Walmart and Target increased by 0.9% and 0.74%, respectively.
“Our checks indicate that this Black Friday will see flat traffic patterns as budget-conscious consumers pull back and prioritise gifts for others above gifts for themselves,” TD Cowen retail analyst Oliver Chen wrote in a report.
In comparison, the S&P 500 gained 1% and the Dow gained 1.27% for the week. In the interim, the Nasdaq Composite gained 0.89%. With the S&P 500 and Nasdaq seeing their longest winning streaks since June, this is the major averages’ fourth straight positive week. This is the longest weekly run the Dow has achieved since April.
In an indication that inflation is abating and the Federal Reserve may be done hiking rates, Treasury yields this week fell to multimonth lows. At around 4.476% on Friday, the benchmark rate had increased by 6 basis points.
Source (CNBC)
