Traders work on the trading floor of the New York Stock Exchange (NYSE) on May 8, 2024 in New York City, the United States.
Brendan McDermid | Reuters
Stocks rose on Friday, with the Dow Jones Industrial Average also on track to rise again.
30 stocks Dow Chemical It rose 159 points, or 0.4%.this S&P 500 Index up 0.4% Nasdaq Index.
3M was the best-performing stock on the Dow, with the maker’s shares rising about 1.5% after an upgrade from HSBC.
Entering Friday, the Dow had gained for seven days in a row, its longest stretch since December, when it rose for nine days in a row. The S&P 500 also rose on Thursday, closing above 5,200 for the first time since early April.
Investors have become more optimistic recently after the Federal Reserve said it was unlikely to raise interest rates next, noting that a rate cap could be a boon for stocks. A strong earnings season and some weak labor force data also boosted confidence in the stock outlook.
“Against all this backdrop, the important question is, ‘Are we in the early stages of a secular bull market?'” said Chris Hyzy, chief investment officer at Merrill Lynch and Bank of America Private Bank. “It feels very comfortable to say it on a day like this, but we think we do.”
Stocks are poised for gains this week. The Dow gained 2.3%. The S&P 500 and Nasdaq rose 2.1% and 1.6% respectively.
Several central bank officials are scheduled to speak on Friday, including Dallas Fed President Lori Logan, Minneapolis Fed President Nir Kashkari and Chicago Fed President Osten Gur Sibi. Fed Governor Michelle Bowman will also attend.
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