S&P 500 ends choppy session at fresh record, Companies & Markets News & Top Stories
NEW YORK (AFP) – The S&P 500 finished at a fresh record on Friday (June 11), concluding a choppy session on an upbeat note as investors weighed consumer confidence and inflation data.
A report released on Friday from the University of Michigan showed a rise in consumer confidence as the widespread availability of Covid-19 vaccines brought shoppers back to stores.
“Looking ahead, we expect consumers will be more upbeat as the economy continues reopening and employment conditions heal further,” said a note from Oxford Economics.
“Current pandemic-related supply constraints will steadily ease, supporting a healthier laboor market and easing price pressures as economic dynamics normalise.”
Data released on Thursday showed the inflation rate at its highest level in 13 years, but the S&P 500 still finished the day’s trading at a record as the market seemed to conclude the May data represented a peak for inflation.
The Dow Jones Industrial edged up less than 0.1 per cent to 34,479.60.
The broad-based S&P 500 added 0.2 per cent at 4,247.44, a second straight record, while the tech-rich Nasdaq Composite Index gained 0.4 per cent to 14,069.42.
For the week, the Dow finished with modest losses, while the S&P 500 and Nasdaq both advanced.
Next week’s calendar includes a two-day Federal Reserve meeting that will update the market on when the central bank will consider scaling back its stimulus measures.