The NASDAQ Composite notched a new high on Friday as investors took signs of weakening jobs and tame inflation to mean the Federal Reserve will lower interest rates next week.
The Dow Jones Industrials dumped 273.78 points, to close the week at 45,834.22.
The S&P 500 eked down 3.18 points to 6,584.29.
The tech-heavy NASDAQ index gathered 98.03 points to 22,141.10, led by a surge in Tesla shares.
Having closed at record levels Thursday, with the Dow finishing above 46,000 for the first time, all three major averages now look to round out the weekly period with gains.
The S&P 500, which has risen 1.7% week to date, is on pace for its best weekly performance since early August and its fifth positive week in six.
The NASDAQ is on track for its second winning week in a row with its 2.1% advance in the period, and the Dow is poised to post its first positive week in three after seeing a week-to-date climb of 1.1%.
The Dow is also on pace for its first positive week in three.
The consumer price index showed a month-to-month increase of 0.4% for August, hotter than the 0.3% that economists polled by Dow Jones were expecting. However, the index’s 2.9% rise on a 12-month basis was in line with expectations.
The usually crucial inflation report was overshadowed by weekly jobless claims, which showed a surprise jump to the highest level since October 2021.
Workers filing for unemployment compensation for the week ended Sept. 6 increased 27,000 to 263,000, more than the 235,000 total expected.
Shares of Warner Bros. Discovery rose $2.69, or 16.6%, to $18.86, on Friday, a day after the stock saw its best day on record.
Prices for 10-year Treasury sagged, raising yields to 4.06% from Thursday’s 4.02%. Treasury prices and yields move in opposite directions.
Oil prices pushed higher 16 cents to $62.53 U.S. a barrel.
Gold prices recovered $10.10 to $3,683.50 U.S. an ounce.
