Dow rises for 8th straight day despite weaker consumer data
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Traders work on the floor of the New York Stock Exchange, in New York City.
PHOTO: REUTERS
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NEW YORK - The Dow advanced for the eighth straight session on May 10, as US stocks essentially shrugged off a lacklustre reading on consumer sentiment.
The University of Michigan’s index of consumer sentiment tumbled 13 per cent 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,” Mr Stovall said.
The Dow Jones Industrial Average finished up 0.3 per cent at 39,512.84.
The broad-based S&P 500 gained 0.2 per cent to 5,222.68, while the tech-rich Nasdaq Composite Index dipped less than 0.1 per cent 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 chairman Jerome Powell’s comments last week expressing doubt about future rate hikes.
Among individual companies, salad chain Sweetgreen surged 34 per cent as it lifted some of its full-year financial projections. Revenues jumped 26 per cent to US$157.9 million (S$213.8 million) compared with the year-ago period.
Besides a reading on consumer prices, next week’s calendar includes US retail sales data and Walmart results. AFP
