US stock market closes up after four-week winning streak
The Dow Jones Industrial Average rose on Friday, continuing its winning streak for the fourth week in a row. The 30-stock Dow increased by 117.12 points, or 0.33%, closing at 35,390.15. At the same time, the S&P 500 ticked higher by 0.06% to end at 4,559.34, while the Nasdaq Composite fell 0.11%, closing at 14,250.85. This increase was fueled by major retail shares rising slightly as Black Friday kicked off the holiday shopping season. Walmart and Target shares rose by 0.9% and 0.74% respectively, while Amazon increased by 0.02%. TD Cowen retail analyst, Oliver Chen, wrote in a note that they forecast flat traffic trends this Black Friday as budget-conscious consumers focus on gifts for others rather than for themselves. For the week, the Dow gained 1.27%, the S&P 500 advanced 1%, and the Nasdaq Composite added 0.89%. This is the fourth consecutive positive week for the major averages. These moves come as Treasury yields this week hit multimonth lows on hope inflation is cooling and the Federal Reserve may be done raising rates. The U.S. stock market closed at 1 p.m. on Wednesday, and the major averages closed higher after the 10-year Treasury yield fell to levels not seen since September.
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