Nasdaq scores recod close, extends gains for 5th straight week

The US stock indices’ performance varied amid positive business results assessments, in light of fears that monetary tightening will continue for longer than previously expected, ahead of a three-day weekend as trading halts tomorrow, May 27, on the occasion of Memorial Day.

Dow Jones Industrial Average stabilized at 39,069 points, after ending its series of weekly gains, with 2.35% losses recorded since the beginning of the week.

The S&P 500 Index gained 36 points, or 0.7%, at 5,304 points, remaining almost flat since week-start. The Nasdaq Composite Index advanced 108 points, or 0.65%, to end at 16,794, extending its gains for the ninth straight session.

Meanwhile, the Nasdaq Index climbed by 1.1%, or 184 points, snapping a record close of 16,920 points, extending its gains for the fifth week in a row, after a 1.4% rise during this week.

Elsewhere, the STOXX Europe 600 Index added 0.2% to 520.5 points, hitting its lowest level since the session dated May 9 (516.7 points), with the European Index recording weekly losses of 0.45%.

While the German DAX Index stabilized at 18,693 points, the British FTSE 100 shed 0.2% to 8,321 points, with the French CAC 40 also down 0.1% to 8,094 points.

In Japan, the Nikkei Index plunged by 1.15%, or 457 points, to 38,646 points at the end of the session. In addition, the broader Topix also slid 0.45% to 2,742 points, with the two indexes recording weekly losses of 0.35% and 0.1%, respectively.

In the crude oil market, futures contracts for Brent crude oil for July delivery jumped 0.95%, or 76 cents, to $82.12 per barrel. However, their value declined 2.2% since the beginning of the week.

Meanwhile, the price of US Nymex crude for July delivery skyrocketed 1.1%, or 85 cents, to stand at $77.72 per barrel, ending its series of gains for two consecutive weeks, after its value dropped during the week’s trading by 2.35%.

As for gold, futures prices for June delivery plummeted by 0.1%, or $2.7, to $2,334.5 per ounce, recording losses of 3.45% for the week.

Data from the University of Michigan revealed that US consumer confidence softened by 10.5% on a monthly basis to 69.1 points in the revised May reading, surpassing the initial reading of 67.4 points.

On the other hand, inflation expectations for next year rose from 3.2% last month to 3.3%, but better than the initial reading of 3.5%.