Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

Dow closes more than 570 points higher to post best day in 2024, stocks wrap a winning May

by admin June 1, 2024
June 1, 2024
Dow closes more than 570 points higher to post best day in 2024, stocks wrap a winning May

The Dow Jones Industrial Average jumped Friday for its best session of the year, as investors wrapped up a strong month after the Federal Reserve’s preferred inflation measure came in largely around expectations.

The blue-chip Dow climbed 574.84 points, or 1.51%, to 38,686.32, lifted by Salesforce and UnitedHealth’s respective advances of 7.5% and 2.8%. The S&P 500 added 0.80% to 5,277.51. The Nasdaq Composite ticked lower by 0.01% to 16,735.02, as Nvidia and a few other megacap technology stocks took a hit.

The S&P 500 and Nasdaq snapped five-week win streaks with slides of 0.51% and 1.1%, respectively. The blue-chip Dow slipped 0.98%, marking a second straight week of losses.

Despite the tough week, it was a winning May, with each of the major benchmarks registering a sixth positive month in seven. The Dow added 2.3% this month, while the S&P 500 rose 4.8%. The Nasdaq gained 6.88%, notching its best month going back to November.

“The market is going to remain choppy,” said Quincy Krosby, chief global strategist at LPL Financial, citing variables such as the upcoming election, Treasury yields and consumer spending. “There are questions as to: Where are we headed? Where’s the economy headed?”

A chunk of May’s strength can be attributed to a surge in Nvidia, which released blockbuster earnings last week. Though the artificial intelligence darling’s stock fell about 0.8% on Friday, shares ended the month nearly 27% higher. Tesla and Netflix also pulled back on Friday, hurting the tech-heavy Nasdaq in the session.

Closely followed economic data released Friday morning came mostly in line with forecasts. The core personal consumption expenditures price index increased 0.2% in April, the same figure that was anticipated by economists polled by Dow Jones. Core PCE rose 2.8% on an annualized basis, slightly above the 2.7% prediction from economists.

“This week’s most important economic data came and went without deviating much from expectations,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, adding that the market breathed a “sigh of relief” after the report.

Traders also reacted to the latest corporate earnings results. Dell Technologies tumbled more than 17% despite strong earnings after saying its AI server backlog was smaller than anticipated. Cloud security stock Zscaler popped 8.5%, while developer data platform MongoDB plunged almost 24%. Apparel retailer Gap jumped more than 28%.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
N.Y. Fed President John Williams says inflation is too high but will start coming down soon
next post
Top adviser recommends against Elon Musk’s $56B Tesla pay package

Related Posts

Apple reveals complex system of App Store fees...

June 30, 2025

American recession fears spark selloff in international markets...

August 6, 2024

Kraft Heinz to split into two companies

September 3, 2025

Why orange juice is so expensive

August 1, 2024

Disney raises streaming prices for Hulu, Disney+ and...

August 8, 2024

Microsoft laying off about 9,000 employees in latest...

July 3, 2025

Boeing taps aerospace veteran Ortberg to replace Dave...

August 1, 2024

Warner Bros. Discovery sues NBA to secure media...

July 29, 2024

Nestle to launch frozen pizzas, other foods targeting...

May 22, 2024

Elon Musk is $70 billion richer since Trump...

November 14, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Bernie Sanders ripped after clash with GOP audience member over gov’t shutdown blame: ‘Just got wrecked’

      October 17, 2025
    • Trump reveals Arc de Triomphe-style monument for America’s 250th anniversary

      October 17, 2025
    • No 2 House Democrat says healthcare drives party’s strategy as shutdown heads into next week

      October 17, 2025
    • SOUTHCOM commander announces sudden retirement amid Trump drug war in Caribbean

      October 17, 2025
    • White House considers cash rewards for Gazans aiding search for slain hostages

      October 17, 2025

    Categories

    • Business (1,119)
    • Investing (3,270)
    • Politics (3,990)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved