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US stocks climbed Friday, with the Dow jumping by almost 400 points.
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Stocks rebounded after falling on Thursday to snap an eight-day winning streak.
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Meanwhile, consumer long-term inflation expectations hit a 12-year high.
US stocks jumped on Friday, with the Dow Jones Industrial Average gaining almost 400 points and the Nasdaq adding more than 2%.
The S&P 500 breached the 4,400 threshold, near its highest level in nearly two months and above its 100-day moving average.
Treasury markets calmed from the day before, helping each of the three major stock indexes cap off winning weeks, as traders pushed past hawkish talk from Federal Reserve Chair Jerome Powell a day earlier.
Meanwhile, US consumers’ long-term inflation expectations rose to the highest since 2011, according to a preliminary November report from the University of Michigan. Consumers expect prices will climb 3.2% annually for the next five to 10 years, an increase from 3% the month prior.
At the same time, the University of Michigan’s consumer sentiment index dipped to 60.4, a six-month low.
“While current and expected personal finances both improved modestly this month, the long-run economic outlook slid 12%, in part due to growing concerns about the negative effects of high interest rates,” survey director Joanne Hsu said in the press release. “Ongoing wars in Gaza and Ukraine weighed on many consumers as well.”
Here’s where US indexes stood as the market closed at 4:00 p.m. on Friday:
Here’s what else is going on:
In commodities, bonds, and crypto:
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