For the week, the Dow dropped 2.34 per cent, the S&P edged up 0.03 per cent and the Nasdaq gained 1.41 per cent. ― Reuters picNEW YORK, May 25 ― US stocks rebounded yesterday 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 Dow Jones Industrial Average rose 4.33 points, or 0.01 per cent, to 39,069.59. The S&P 500 gained 36.88 points, or 0.70 per cent, at 5,304.72 and the Nasdaq Composite advanced 184.76 points, or 1.10 per cent, to 16,920.79. Markets are pricing in a 49.4 per cent chance for a rate cut at the Fed's September meeting, down from 54.8 per cent a week ago, CME's FedWatch Tool showed. Goldman Sachs pushed back its call for a first easing to September from July.
Ross Stores rallied 7.89 per cent after posting first-quarter results above estimates and raising its annual profit forecast.