A record-breaking week ended with Nasdaq on top.
Stocks were mixed Friday, with the Dow industrials and S&P 500 falling and the Nasdaq composite closing at another record high. All three major U.S. indexes ended the week with gains. Nasdaq finished the week with the largest ones, up 2% over five sessions.
Renewed optimism about the AI boom and confidence in coming interest-rate cuts have helped buoy the market. Traders view a rate cut next week as a near certainty, with a small chance of a bumper half-percentage-point cut, according to CME data based on futures pricing.
Americans’ confidence in the economy is waning, while long-term inflation expectations have risen, a preliminary September estimate from the University of Michigan showed Friday. “Consumers perceive risks to their pocketbooks,” said Joanne Hsu, director of the surveys.
The Dow retreated below the 46000 milestone it hit Thursday, falling 273 points, or 0.6%, to 45834.22.
Treasury yields rose, with the 10-year yield at around 4.058%.
Oil prices rallied after the U.K. targeted Russia with new sanctions on crude shipments, as well as on defense suppliers.
Gold prices hit another record-high settlement, closing the week at $3,690.40 a troy ounce.
