Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

Business

Dow closes more than 570 points higher to post best day in 2024, stocks wrap a winning May

by June 1, 2024
June 1, 2024
Dow closes more than 570 points higher to post best day in 2024, stocks wrap a winning May

The Dow Jones Industrial Average jumped Friday for its best session of the year, as investors wrapped up a strong month after the Federal Reserve’s preferred inflation measure came in largely around expectations.

The blue-chip Dow climbed 574.84 points, or 1.51%, to 38,686.32, lifted by Salesforce and UnitedHealth’s respective advances of 7.5% and 2.8%. The S&P 500 added 0.80% to 5,277.51. The Nasdaq Composite ticked lower by 0.01% to 16,735.02, as Nvidia and a few other megacap technology stocks took a hit.

The S&P 500 and Nasdaq snapped five-week win streaks with slides of 0.51% and 1.1%, respectively. The blue-chip Dow slipped 0.98%, marking a second straight week of losses.

Despite the tough week, it was a winning May, with each of the major benchmarks registering a sixth positive month in seven. The Dow added 2.3% this month, while the S&P 500 rose 4.8%. The Nasdaq gained 6.88%, notching its best month going back to November.

“The market is going to remain choppy,” said Quincy Krosby, chief global strategist at LPL Financial, citing variables such as the upcoming election, Treasury yields and consumer spending. “There are questions as to: Where are we headed? Where’s the economy headed?”

A chunk of May’s strength can be attributed to a surge in Nvidia, which released blockbuster earnings last week. Though the artificial intelligence darling’s stock fell about 0.8% on Friday, shares ended the month nearly 27% higher. Tesla and Netflix also pulled back on Friday, hurting the tech-heavy Nasdaq in the session.

Closely followed economic data released Friday morning came mostly in line with forecasts. The core personal consumption expenditures price index increased 0.2% in April, the same figure that was anticipated by economists polled by Dow Jones. Core PCE rose 2.8% on an annualized basis, slightly above the 2.7% prediction from economists.

“This week’s most important economic data came and went without deviating much from expectations,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, adding that the market breathed a “sigh of relief” after the report.

Traders also reacted to the latest corporate earnings results. Dell Technologies tumbled more than 17% despite strong earnings after saying its AI server backlog was smaller than anticipated. Cloud security stock Zscaler popped 8.5%, while developer data platform MongoDB plunged almost 24%. Apparel retailer Gap jumped more than 28%.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
N.Y. Fed President John Williams says inflation is too high but will start coming down soon
next post
The Fed’s preferred inflation measure rose 0.2% in April, as expected

Related Posts

S&P 500 closes above 5,000 for first time...

February 10, 2024

UnitedHealthcare taps company veteran Tim Noel as new...

January 25, 2025

As home sellers and buyers wait on a...

May 1, 2024

Self-driving Cruise vehicle accused of nearly hitting kids...

February 15, 2024

Biden to launch task force to crack down...

March 7, 2024

Higher tax filing costs could take a bite...

February 3, 2024

Mortgage demand falls to the lowest level since...

October 20, 2023

Disney and Warner Bros. Discovery to bundle streaming...

May 9, 2024

UAW autoworkers officially ratified new contract, union says

November 22, 2023

GM reports best U.S. quarterly sales since 2020

July 3, 2024

S&P 500 closes above 5,000 for first time...

February 10, 2024

UnitedHealthcare taps company veteran Tim Noel as new...

January 25, 2025

As home sellers and buyers wait on a...

May 1, 2024

Self-driving Cruise vehicle accused of nearly hitting kids...

February 15, 2024

Biden to launch task force to crack down...

March 7, 2024

Higher tax filing costs could take a bite...

February 3, 2024

Mortgage demand falls to the lowest level since...

October 20, 2023

Disney and Warner Bros. Discovery to bundle streaming...

May 9, 2024

UAW autoworkers officially ratified new contract, union says

November 22, 2023

GM reports best U.S. quarterly sales since 2020

July 3, 2024

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Australian abolitionist, Grace Forrest, receives coveted ‘Freedom from Fear’ award

      April 13, 2024
    • 3

      LME Sanctions on Russian Metal Push Copper, Nickel and Aluminum Prices Higher

      April 17, 2024
    • 4

      Blinken, ahead of China visit, calls out Beijing’s ongoing ‘genocide’ against minority Muslims

      April 23, 2024
    • 5

      Foreign policy expert reveals 2 key offensive strategies US must ‘seize’ on to win ‘Cold War’ with China

      April 16, 2024
    • 6

      Head lice DNA discovery reveals new details about first Americans

      November 14, 2023
    • 7

      New presidential rankings place Obama in top 10, Reagan and Trump below Biden

      February 19, 2024

    Categories

    • Business (1,000)
    • Investing (2,004)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,297)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved