Highlights
Stocks rose again to finish a strong week Friday as traders headed into the weekend anticipating a last-minute deal in the US-Iran war rather than a return to open warfare. The Dow Jones industrial average gained 0.6 percent to a new closing record, the S&P 500 firmed 0.4 percent and the Nasdaq was up 0.2 percent. Bond yields were mixed and oil prices turned down while dollar was mostly higher.
Stocks were up for three straight days and the S&P 500 ros for an eighth straight week, a remarkable run of gains. Bond yields were mixed with shorter maturity yields higher after hawkish-sounding comments from Fed Governor Chris Waller and an surprising uptick in consumer inflation expectations in the University of Michigan survey even as consumer sentiment dropped by much more than expected in late May on worries about rising prices due to the US war on Iran.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.