S&P 500 Rises 0.7% for 8th Straight Winning Week as Profits Outrun Consumer Gloom
Updated
Updated · The Associated Press · May 22
S&P 500 Rises 0.7% for 8th Straight Winning Week as Profits Outrun Consumer Gloom
13 articles · Updated · The Associated Press · May 22
U.S. stocks headed for an eighth straight weekly gain Friday, with the S&P 500 up 0.7%, the Dow up 408 points and the Nasdaq 0.6% higher near midday.
Ross Stores climbed 6.5%, Estee Lauder 9.9%, Zoom 11.1% and Workday 3.9% after strong quarterly results, extending a run of earnings beats that has kept indexes near records.
The rally came despite University of Michigan sentiment falling to a record low, with consumers expecting 4.8% inflation over the next year and 3.9% longer term.
Oil swings tied to the Iran war and Strait of Hormuz disruption kept inflation fears elevated—Brent rose to $103.60 and U.S. crude to $97.04 after reversing earlier losses.
Those pressures have pushed the 10-year Treasury yield to 4.57% from 3.97% before the war, wiping out bets on 2026 Fed rate cuts even as Governor Christopher Waller said policymakers should wait and watch.
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