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It was a day of small moves for the major U.S. indices Friday as investors weighed a staggering drop in consumer sentiment against rosy quarterly results from Walt Disney.
Minor gains were still enough to push the Dow and the S&P 500 to their fourth straight record closing high. The Nasdaq was up 6 points.
U.S. consumer sentiment plunged to a decade low, according to the early August reading from the University of Michigan. The sharp decline in consumer attitudes was across all income groups, ages, education levels and regions. American consumers are worried about inflation and the health crisis.
Chris Wang, research director at Runnymede Capital Management says Friday's survey is a reminder that the health crisis remains a risk, but not enough to derail the stock market's long-term run.
"Overall, the market just continues to grind higher because we have a lot of liquidity coming from the fiscal and monetary stimulus plus strong economic growth. So I think that sets up for the continued bull market, even if it's a slow grind higher."
Walt Disney was a source of optimism one day after announcing stronger-than-expected subscriber numbers for Disney+ and a return to profitability at its theme parks. Shares of Disney rallied less than a full percent.
Boeing is sending its Starliner spacecraft back to the factory in an effort to find out what's wrong with its propulsion system valves. The decision means the launch date for the Starliner is delayed once again. Boeing is competing with Elon Musk's SpaceX to take NASA astronauts to the International Space Station. Shares of Boeing had a drop of more than one percent.