Another Week, Another Record High for S&P 500 and Dow Jones
What a rally it has been for stock markets, with S&P 500 making new record highs since mid-September, and Dow Jones following suit.
What a rally it has been for stock markets, with S&P 500 making new record highs since mid-September, and Dow Jones following suit. Despite many concerns around the globe and the retreat in risk currencies this week, the risk sentiment remained positive for stock markets.
The Nasdaq led the way in gains on Friday, although it didn’t set a new record high. Major indices closed higher for both the day and the week, marking the sixth consecutive week of gains. Throughout the week, the Dow and S&P reached new all-time highs multiple times. Despite a small decline on Friday, the small-cap Russell 2000 finished the week on an upswing.
Market Overview: Investor optimism is fueling the continued inflow of money into the S&P 500, with buyers purchasing on every dip. Expectations of upcoming interest rate cuts from major central banks and China’s stimulus program are key drivers of the bullish market sentiment.
Closing Prices for Main US Indices
- Dow Industrial Average: +36 points or +0.1% at 43,275.91
- S&P 500: +23 points or +0.4% at 5,864.67
- Nasdaq: +116 points or +0.6% at 18,489.55
- Russell 2000: -5 points or -0.2% at 2,276
For the Trading Week (6th consecutive week of gains):
- Dow Industrial Average: +1%
- S&P 500: +0.85%
- Nasdaq: +0.80%
- Russell 2000: +1.85%
Closing Changes for European Bourses:
- Stoxx 600: +0.2%
- German DAX: +0.4%
- Fransp500ce CAC: +0.4%
- UK FTSE 100: -0.3%
- Spain IBEX: +0.1%
- Italy’s FTSE MIB: +0.4%
Technology Sector:
- Apple (AAPL) surged by an impressive 1.30% on Friday, signaling strong investor confidence.
- Nvidia (NVDA) also saw a rise, gaining 0.5%.
- However, there were some declines in the semiconductor segment, with Broadcom (AVGO) dropping by 0.30% by the week’s end.
Consumer Cyclical:
- Amazon (AMZN) experienced a minor dip of 0.19%, possibly due to profit-taking or market adjustments.
Overall, the market continues to show strong momentum, particularly in the tech sector, as positive sentiment drives the rally.
S&P 500 Live Chart
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