The Nasdaq Composite inched higher Friday to claim its fifth straight record close, as new data this past week showed a continued cooling of inflation and Treasury yields retreated. For the week: The tech-heavy Nasdaq gained 3.2%, while the S & P 500 rose 1.6% and the Dow Jones Industrial Average fell 0.5%. Economic updates helped drive the gains. First, the May consumer price index on Wednesday came in weaker than expected, holding flat from April's reading. Economists had expected a 0.
A trader works, as a screen displays a news conference by Federal Reserve Board Chairman Jerome Powell following the Fed rate announcement, on the floor of the New York Stock Exchange in New York City, U.S., January 31, 2024.inched higher Friday to claim its fifth straight record close, as new data this past week showed a continued cooling of inflation and Treasury yields retreated.