A trader wears a Reddit logo T-shirt, at the New York Stock Exchange (NYSE) in New York City, US, March 21, 2024.
Brendan McDiarmid | Reuters
the Dow Jones Industrial Average He went down on Friday, but had his best week of the year after back-to-back record-setting sessions.
The Dow Jones index fell 305.47 points, or 0.77%, to 39,475.90 points. the Standard & Poor's 500 It decreased by 0.14% to close at 5,234.18. the Nasdaq Composite It added 0.16% and closed at 16,428.82, setting another record.
The three major averages posted healthy gains this week, with the S&P 500 up about 2.3%. The Dow Jones rose just 2% in its best week since December. The Nasdaq was the best performer of the three, jumping nearly 2.9%.
“It's a period of digestion after a really strong week,” Keith Lerner, co-chief investment officer at Truist, said of Friday's moves. “Our view is that the overall trend remains positive for the market, especially when you see this breakout to new highs, on track for a fifth straight month of gains.”
One reason for the market's optimism stems from this week's Federal Reserve meeting. The central bank left interest rates unchanged, and comments from Federal Reserve Chairman Jerome Powell confirmed that cuts are coming despite a recent spate of hot inflation readings that have some investors fearful that the easing timeline will be delayed.
“That was enough for this market to move forward,” Lerner said.
fedex rose more than 7% after posting adjusted earnings that beat analysts' estimates, while… Nike The index fell 6.9% due to disappointing guidance and slowing sales in China. Lululemon The index fell 15.8% due to weak guidance and slowing growth in North America, recording its worst day since March 2020.
Major indexes closed at record levels on Thursday for a second day, hitting all-time highs during the day. Thursday was the fourth straight rising session for all three indices, with the Dow Jones ending near the 40,000 level.
