US stocks rebound to close higher but Dow down for the week
economictimes.indiatimes.comstocks rebounded on Friday from sharp losses the day before on news of an improving consumer outlook on inflation, sending the Nasdaq to a fifth straight week of gains and record closing high.
The Commerce Department said new orders for key U.S.-manufactured capital goods
rebounded
more than expected in April while the University of Michigan reported that consumers' inflation expectations improved in late May after deteriorating early in the month.
«The data has come in a little better than people thought this morning. Durable goods was a pretty solid number.… And then consumer sentiment, not great, but not bad, better than people expected,» said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle.
«This is a bounce where people are like maybe things aren't as bad as we thought, maybe there's room for the Fed to cut rates and the economy's going to be OK, and we're not completely falling apart.»
The Dow Jones Industrial Average rose 4.33 points, or 0.01%, to 39,069.59. The S&P 500 gained 36.88 points, or 0.70%, at 5,304.72 and the Nasdaq Composite advanced 184.76 points, or 1.10%, to 16,920.79.
Despite Friday's gains, the Dow snapped its five-week rally a day after registering its largest daily percentage decline in over a year.
For the week, the Dow dropped 2.34%, the S&P edged up 0.03% and the Nasdaq gained 1.41%.
Trading volumes were subdued ahead of the Memorial Day market holiday on Monday.
U.S. stocks dropped on Thursday as economic data indicating rising price
