Nasdaq Composite notches 7-week winning streak as U.S. stocks end the week higher

Published: June 9, 2023 at 4:06 p.m. ET

By

Isabel Wang

COMP

+0.16%

SPX

+0.11%

DJIA

+0.13%

U.S. stock indexes finished higher on Friday with the Nasdaq Composite COMP, +0.16% booking its longest weekly winning streak since November 2019, while the S&P 500 SPX, +0.11% extended gains after technically exiting bear-market territory, logging fourth straight weekly advance. On Friday, the Dow Jones Industrial Average DJIA, +0.13% rose 43 points, or 0.1%, to end at 33,877, while the S&P 500 advanced 0.1%, to finish at 4,298. The Nasdaq was up 0.2%.

The large-cap S&P 500 index Thursday officially exited its longest bear-market run since 1948, closing 20% above last year’s trough in October.

For the week, the S&P 500 posted a 0.4% gain and its fourth positive week in a row. It was the index’s longest weekly winning streak since August 12, 2022. The Nasdaq Composite jumped 0.1%, while the Dow industrials rose 0.3% on a weekly basis, according to Dow Jones Market Data.

Investors looked ahead to the May inflation data set for release next Tuesday, along with the Federal Reserve’s monetary policy decision due Wednesday afternoon. Markets priced in a 70% probability that the Fed will leave interest rates unchanged at a range of 5.0% to 5.25% after its meeting on June 14, according to the CME FedWatch tool.

Stocks would fall right back into a bear market if they adopted economic view of bond market, JPMorgan says

If equity markets were to price in a rise in inflation volatility to levels that the bond markets do, it would imply a 20% downside from current levels, the JPMorgan strategists say.