The Dow Jones Industrial Average continued its winning streak on Friday, marking the eighth consecutive session of gains. Despite a drop in consumer sentiment, with the University of Michigan’s index falling to its lowest level since November, investors remain optimistic about the future.
According to CFRA Research’s Sam Stovall, investors are hopeful that next week’s inflation data will show improvement. Stovall pointed out that the market is focusing on continued earnings growth, which is a positive sign for the future.
The Dow Jones Industrial Average closed up 0.3 percent at 39,512.84, while the S&P 500 gained 0.2 percent and the Nasdaq Composite Index dipped slightly. All three major indices posted weekly gains, fueled by expectations of potential interest rate cuts following comments from Federal Reserve Chair Jerome Powell expressing uncertainty about future rate hikes.
Sweetgreen, a salad chain, saw its stock surge 34 percent after raising its full-year financial projections. The company reported a 26 percent increase in revenues compared to the previous year.
Looking ahead, investors will be keeping an eye on upcoming data releases, including consumer prices, US retail sales, and Walmart’s financial results. Overall, the market remains cautiously optimistic about the future economic outlook.