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The S&P 500 climbed slightly on Friday to close its fourth straight positive month amid growing optimism over the U.S. economic recovery.
The Dow Jones Industrials amassed 64.81 points to end the day and the week to 34,529.45.
The S&P 500 added 3.23 points to 4,204.11.
The NASDAQ stayed in the green 12.46 points to 13,748.74.
The blue-chip Dow took on 0.9% and the S&P 500 advanced 1.2% this week, both breaking a two-week losing streak. The NASDAQ rose 2.1% to post its best weekly performance since April 9.
For the month of May, the 30-stock Dow gained 1.9% and the S&P 500 jumped 0.6%, posting their fourth up months in a row. The tech-heavy NASDAQ, however, suffered a 1.5% loss this month for its first negative month in seven.
Markets in the U.S. will be closed Monday for Memorial Day
Salesforce shares popped more than 5% Friday after the software company’s first-quarter earnings beat Wall Street expectations on its top and bottom lines. HP shares dropped 2% despite the company’s better-than-expected second-quarter results.
Meme stocks fueled by traders in Reddit’s WallStreetBets forum had another roller-roaster session Friday with AMC shooting up as much as 38% and closing the day down 1.5%. GameStop erased earlier gains and dropped 12.6%.
The moves higher this week come as investors monitor the back-and-forth in Washington over a comprehensive infrastructure package that could further boost the economic recovery. Senate Republicans unveiled a $928-billion infrastructure counteroffer to President Joe Biden on Thursday. However, that’s well below Biden’s most recent proposal of $1.7 trillion.
A key inflation indicator — the core personal consumption expenditures index — rose 3.1% in April, faster than expectations of a 2.9% increase but not as hot as many on Wall Street had feared. Meanwhile, the savings rate remained elevated at 14.9% last month, while consumer spending rose 0.5%, in line with estimates.
Prices for 10-Year Treasurys gained, lowering yields to 1.58% from Wednesday’s 1.60%. Treasury prices and yields move in opposite directions.
Oil prices fell 24 cents to $66.61 U.S. a barrel.
Gold prices regained $8.10 to $1,906.60 U.S. an ounce.
