Investing.com - U.S. stocks rose on Friday, ending higher for a
fourth consecutive week after a consumer sentiment barometer beat
At the close of U.S. trading, the Dow Jones Industrial Average
finished up 0.80%, the S&P 500 index ended up 0.95%, while the
Nasdaq Composite index rose 0.97%.
The Thomson Reuters/University of Michigan's preliminary consumer
sentiment index rose to 83.7 in May from 76.4 in April, surging
past expectations for a rise to 78.0.
The University of Michigan also said its inflation expectations for
this month remained unchanged at 3.1%.
The news sent stocks wiping out losses stemming from comments from
Federal Reserve officials, who signaled that stimulus programs
won't stick around longer due to disappointing economic indicators.
Federal Reserve Bank of San Francisco President John Williams said
Thursday that monetary authorities may begin to unwind stimulus
programs this summer and possibly end such policies by year end.
Philadelphia Fed President Charles Plosser, a known inflation hawk,
added separately that the Fed should consider scaling back the
program next month.
The Fed is currently buying USD85 billion in assets from banks a
month, a monetary stimulus tool known as quantitative easing that
weakens the greenback and floods the economy with liquidity to spur
recovery and job demand.
Stocks rise as a side effect to such policies
Leading Dow Jones Industrial Average performers included JPMorgan
Chase, up 2.57%, Boeing, up 2.40%, and United Technologies, up
The Dow Jones Industrial Average's worst performers included
Pfizer, down 0.96%, Wal-Mart, down 0.90%, and Merck, down 0.82%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 0.40%,
France's CAC 40 rose 0.56%, while Germany's DAX 30 finished up
0.34%. Meanwhile, in the U.K. the FTSE 100 finished up 0.53%.
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