Stock market today: Wall Street closes its best week of the year with some more gains
U.S. stocks drifted higher as Wall Street coasted to the close of its best week since November
NEW YORK (AP) — Wall Street coasted to the close of its best week since November, as U.S. stocks drifted a bit higher Friday.
The S&P 500 rose 0.2% for a seventh straight gain and pulled back within 2% of its all-time high set last month. The Dow Jones Industrial Average gained 96 points, or 0.2%, and the Nasdaq composite added 0.2%.
Treasury yields eased in the bond market following a couple mixed reports on the U.S. economy. One showed homebuilders broke ground on fewer projects last month than forecast, which threw some cold water on the market. Optimism had been rising earlier in the week following a flurry of better-than-expected reports on everything from inflation to sales at U.S. retailers.
But a report later in the morning suggested U.S. consumers are feeling better about the economy than expected. That’s a big deal for Wall Street because their spending makes up the bulk of the economy.
