Eduardo Muñoz Alvarez/AP
Although a break above the 40,000 level does not have much practical value for investors, it could fuel optimistic sentiment on Wall Street.
new york
CNN
—
U.S. stocks ended a big week with mediocre results, but Wall Street investors are likely still emptying their champagne bottles as they cap off one of the strongest weeks of the year for the market.
On Friday, the Dow Jones Industrial Average fell 306 points, or 0.7%.
Investors are hoping the index will surpass the 40,000 threshold, a feat it has achieved twice in pre-market trading. However, it has not yet been successful during normal trading hours.
Still, the blue-chip index had its best week since December. The three major indexes ended Wednesday and Thursday at record highs, with the tech-heavy Nasdaq setting a new record for the third time on Friday at 16,428.82.
On Friday, the S&P 500 fell 0.1% and the Nasdaq rose 0.2%.
All three indexes had strong weeks. The S&P 500 rose 2.3%, the Dow rose about 2% and the Nasdaq rose 2.9%.
This week, gains in artificial intelligence stocks helped push the U.S. economy to new record highs across the three major indexes, along with a new Federal Reserve forecast that the U.S. economy will see three rate cuts this year. .
In corporate news, it was a tough day for performance wear.
Lululemon’s stock price fell nearly 15.8% after the company announced a weak outlook. The sportswear company recorded its worst day since March 2020. Nike stock also fell 6.9% after the company reported slowing sales in China and revised its outlook.
Reddit is here 2nd official trading day With a downward revision — the stock price fell about 8.5% after surging 48% after its listing on the New York Stock Exchange.
Apple investors appear relatively unconcerned about the antitrust lawsuit filed by the Justice Department against the iPhone maker on Thursday. The stock price rose about 0.5%.
Investors too approved the transaction On Friday, Trump Media, owner of Truth Social. Listed company.
The green light from shareholders clears a major hurdle for the long-delayed merger, which could generate a multibillion-dollar windfall as former President Donald Trump faces financial and legal pressures. become.However, that It is unlikely that his legal woes will be salvaged.
A majority of Digital World Acquisition Corporation’s shareholders voted in favor of the merger agreement with Trump Media, according to preliminary vote totals announced during the meeting. Both companies have indicated that the merger could be completed as early as early next week.
However, it seems that not all shareholders are in a favorable mood. Digital World Acquisition Corporation fell 13.7% on Friday.
