Azzad MarketWeek
Stocks moved higher last week as inflation jitters gave way to investor enthusiasm over Middle East diplomatic efforts and the largest-ever initial public offering (IPO).
The Standard & Poor’s 500 Index rose 0.65 percent, while the Nasdaq Composite Index advanced 0.70 percent. The Dow Jones Industrial Average gained 0.66 percent.
War, Peace & Space
Stocks were mixed on the first day of the week. Chip stocks led advances by the S&P 500 and Nasdaq, while the Dow Industrials sagged.
The script flipped in the next session, as the chip stock fizzled despite a drop in oil prices. The S&P and Nasdaq slipped, while the Dow Industrials gained. Materials and consumer discretionary and real estate sectors led, with the latter rising on better-than-expected existing home sales.
Stocks fell broadly midweek as investors reacted to the May CPI report, which showed year-over-year consumer inflation ticked up to 4.2 percent.
But then sentiment turned positive again on Thursday after the White House gave an update on its ongoing diplomatic efforts in the Middle East.
The week wrapped on a positive note, as the largest IPO appeared to boost investor enthusiasm, particularly for AI, and there were more updates on the Middle East.
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