LIVE UPDATES | CONCLUDED
Stock Market News: Dow Extends Win Streak to Eight Days
The S&P 500 was higher, though the Nasdaq Composite dipped.
Last Updated:
May 10, 2024 at 6:28 PM EDT
Updated 12 days ago
Dow Heading for 8-Day Winning Streak as Stock Futures Rise
(Dreamstime)
U.S. equities were headed for a positive end to the week on Friday. The latest data showing higher-than-expected weekly jobless claims have added new energy to the stock rally based on hopes for interest-rate cuts.
Dow Jones Industrial Average futures were up 77 points, or 0.2%. S&P 500 futures were gaining 0.3% and Nasdaq 100 futures were rising 0.4%.
The Dow recorded a seven-day winning streak on Thursday, after initial jobless claims rose to 231,000 in the week that ended May 4, above consensus expectations. The yield on the benchmark 10-year Treasury note stood at 4.458% early on Friday, broadly flat from the previous day when bond yields dropped in the wake of the jobless data.
“The next hurdle will be the US inflation numbers for April next week, but so far this month at least, investors have moved to expect a more dovish stance of monetary policy than they thought would happen at the end of April,” wrote Deutsche Bank analyst Henry Allen in a research note on Friday.