Categories: Business

Another winning week on Wall Street ends with new highs

NEW YORK (AP) — Stock prices on the New York Stock Exchange ended their latest strong week with further gains Friday, lifting the stock market to new highs.

The S&P 500 rose 40.81 points, or 0.8%, to close at 5,137.08, a day after hitting a record high. It has posted extraordinary gains, rising in 16 of the last 18 weeks, thanks to enthusiasm about falling inflation and a U.S. economy that is largely resilient.

The Dow Jones Industrial Average added 90.99 points, or 0.2%, to 39,087.38. Technology stocks led the market, with the Nasdaq up 183.02 points, or 1.1%, to 16,274.94, a day after hitting its previous record set in 2021.

In the bond market, Treasury yields fell after reports on the US manufacturing sector and consumer confidence were less favorable than economists had expected. The data bolstered bets that the Federal Reserve could start cutting interest rates in June, especially after a report Thursday showed a key measure of inflation performed more or less as expected last month.

Dell Technologies helped lift the stock market after rising 31.6%. The company posted higher earnings and revenue than analysts expected in its most recent quarter, with demand for its AI-optimized servers standing out during the period.

A seemingly endless surge in demand for artificial intelligence technology has helped the stock soar over the past year. Dell’s stock price has more than tripled in the past 12 months, while Nvidia’s stock is up more than 260%.

NetApp shares rose 18.2% after reporting better-than-expected results and noting it was seeing “good momentum in artificial intelligence.” The information company also gave profit guidance for the current quarter that exceeded some analysts’ expectations.

Sentiment was much gloomier in the banking sector, where shares of New York Community Bancorp fell 25.9%. The bank warned investors late on Thursday that it had found deficiencies in its internal loan reviews caused by ineffective supervision, risk assessment and monitoring.

Much attention has been paid to smaller regional banks after last year’s industry crisis sent several of them into bankruptcy. One of them, Signature Bank, was absorbed by NYCB, leaving the resulting bank facing stricter oversight amid a scramble for real estate loans.

In the bond market, Treasury yields fell after the reports. The 10-year yield fell from 4.25% to 4.18% and from 4.28% just before the data was released.