The Dow advanced for the eighth straight session on Friday as US stocks essentially shrugged off a lackluster reading on consumer sentiment.
The University of Michigan’s index of consumer sentiment tumbled 13 percent to 67.4 for April, its lowest mark since November, with more consumers expressing worries about inflation, unemployment and interest rates.
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The Dow advanced for the eighth straight session on Friday as US stocks essentially shrugged off a lackluster reading on consumer sentiment.
The University of Michigan’s index of consumer sentiment tumbled 13 percent to 67.4 for April, its lowest mark since November, with more consumers expressing worries about inflation, unemployment and interest rates.
In spite of the data, investors are betting that next week’s inflation data will show improvement, said CFRA Research’s Sam Stovall.
“I’m encouraged by the fact that the market still is focusing on the future and … continued improvement in earnings,” Stovall said.
The Dow Jones Industrial Average finished up 0.3 percent at 39,512.84.
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The broad-based S&P 500 gained 0.2 percent to 5,222.68, while the tech-rich Nasdaq Composite Index dipped less than 0.1 percent to 16,340.87.
All three major indices posted weekly gains, bolstered by hopes that the Federal Reserve could soon cut interest rates after Fed Chair Jerome Powell’s comments last week expressing doubt about future rate hikes.
Among individual companies, salad chain Sweetgreen surged 34 percent as it lifted some of its full-year financial projections. Revenues jumped 26 percent to $157.9 million compared with the year-ago period.
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Besides a reading on consumer prices, next week’s calendar includes US retail sales data and Walmart results.
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Read More: Dow Rises For 8th Straight Day Despite Weaker Consumer Data