Stocks ended mostly higher Friday, helping the S&P 500 index close out its best week since February. It’s a notable turnaround for the market, which only the previous week had its worst week since February on concerns about inflation.
The S&P 500 index closed up 14.21 points, or 0.3%, to 4,280.70. The Dow Jones Industrial Average rose 237.02 points, or 0.7%, to 34,433.84 and the Nasdaq Composite lost 9.32 points, or 0.1%, to 14,360.39. With Friday’s gains, the S&P 500 index ended the week up 2.7%, its best five-day period since Feb. 5 .
The Dow’s gains were driven by a surge in Nike, which reported blowout earnings late Thursday and gave investors a strong outlook for the year. Nike rose 15.5%.
Markets have calmed since the Federal Reserve surprised investors last week by saying it could start raising short-term interest rates by late 2023, earlier than expected, if recent high inflation persists. The calming of investors’ nerves has largely helped the market undo the damage from the previous week.
Investors got another data point on inflation on Friday. The Commerce Department said inflation tied to a gauge of consumer spending that is closely watched by the Federal Reserve increased 0.4% in May and is up 3.9% over the past 12 months, well above the Fed’s 2% target for annual price increases.
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June 26, 2021 at 07:28AM
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Stocks close higher, S&P 500 has best week since February - Boston Herald
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