U.S. stocks floated near the flatline on Friday morning as investors eyed a weekend-long recovery rally, with all three major indexes on pace to end a five-day stretch of gains.
The S&P 500 decreased by 0.03% Nasdaq Composite 0.01% advanced. The Dow Jones Industrial Average 54 points or 0.15% higher. For the week, the S&P 500 added more than 3%, putting the broader market index on track for its best week since November 2023. The Nasdaq rose 5%, while the 30-share Dow advanced about 3%.
Retail sales data released Thursday came in stronger than economists expected, while weekly jobless claims fell. Both provided evidence that recession fears that fueled a global sell-off earlier this month were overblown. Inflation readings released earlier this week reinforced the belief that a soft landing scenario is still possible.
The data helped calm a jittery market and helped stocks recover to all-time highs. The S&P 500 is now up 2% from its mid-July record high.
“[The] “The data released last week struck the right balance, neither too hot nor too cold,” Mark Heffel, head of investment for global wealth management at UBS, wrote Friday. “If faster rate cuts are needed to protect growth, inflation will hinder the Federal Reserve.”
Shares Nvidia Tech stocks were the biggest winners for the week with gains of 17%. Apple And Microsoft Approximately 4% and 3% progressed respectively.
