Actions of Wal-Mart It is Caterpillarboth trading up 1%, led the Dow. little fat It is Valero Energyup more than 3% and 4%, respectively, were the biggest gainers in the S&P 500.
Stocks finished the week strong, with the Dow rising 1.2%, marking its fifth consecutive weekly gain. The S&P 500 and Nasdaq are up 1.5% and 2.1% week to date, marking the longest winning streak since February.
On Thursday, the Dow reached an intraday high of 40,051.05, above the psychologically important level of 40,000, before pulling back and ending the day down 0.1%.
This week’s rise helped propel all three indexes into positive territory in the second quarter, despite a difficult start. The S&P 500 and Nasdaq are now up more than 11% each in 2024, while the Dow is up more than 6% this year.
While some investors have expressed concerns about the durability of the current recovery, Tom Hainlin believes the combination of economic growth and slowing inflation is the perfect catalyst.
“That’s a pretty bullish setup for at least the near future here in 2024,” the senior investment strategist at US Bank Asset Management told CNBC. “We appreciate that the valuation is a little high relative to history, but so is earnings growth and earnings stability.”
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