Stocks moved higher Friday, but are on pace to snap a five-week winning streak after a hotter-than-expected inflation reading came out Wednesday.
The Dow Jones Industrial Average rose about 160 points, or 0.4%. The S&P 500 gained about 0.6% and the Nasdaq Composite added 0.8%.
Dow component Johnson & Johnson saw its shares rise about 1% following a Wall Street Journal report that the company is splitting in two. Johnson & Johnson is reportedly breaking off its consumer health division into a separate publicly-traded company.
Mega-cap technology names provided support to the broader market. Facebook-parent Meta rallied more than 3%. Apple, Microsoft, Amazon and Google-parent Alphabet each added more than 1%.
The major averages are on track to close the week lower after the hottest inflation report in 30 years. The Dow is down about 0.7%, the S&P 500 is 0.4% lower and the Nasdaq Composite dipped around 0.9%.
Fresh data out Friday morning underscored persistent inflation fears and labor challenges.
Consumer sentiment in early November dropped to its lowest level in a decade, the University of Michigan reported Friday. Many survey respondents cited inflation concerns, according to the report.
Meanwhile, workers left their jobs in record numbers in September with 4.43 million people quitting, the Labor Department reported Friday. The exodus occurred as the U.S. had 10.44 million employment openings that month, according to the report.
Despite this week’s losses, the three major averages are within striking distance of their record highs. The S&P 500 is up more than 24% in 2021.
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