STORY: U.S. stocks ended mixed on Friday, but while the Dow Industrial Average inched up only marginally it still managed to notch its 10th straight day of gains, the longest such rally in almost six years.
The S&P 500 similarly rose a hair, while the Nasdaq dipped two tenths of a percent.
The blue-chip Dow was boosted by components Procter & Gamble and Chevron, each of which climbed more than one percent. It is now up over 6% in 2023. The S&P has risen 18%, while the Nasdaq is up 34%.
“So it's kind of the sweet spot, if you will, for equities.”
Phillip Colmar is managing partner of the Macro Research Board.
“And the reason is I think is investors have really pulled away from their recession forecast. They're upgrading growth, which is positive to broader value indexes and broader swath of equities, and at the same time, bond yields are remaining capped here.”
On the downside, the tech-heavy Nasdaq saw losses from Nvidia and Meta Platforms, with each losing more than 2% in a choppy trading session.
Netflix also dipped more than 2%, down for a second straight day after the video streaming company's quarterly results this week failed to impress.
And American Express fell roughly 4% after the credit card giant missed quarterly revenue estimates and affirmed its full-year profit forecast.
Corporate earnings continue next week, with tech giants Meta Platforms, Alphabet and Microsoft all reporting.