Tech stocks power Nasdaq to 5th straight record close
Fri, June 14, 2024
The Nasdaq eked out its fifth straight record closing high on Friday, as gains in tech-related stocks helped keep the streak alive.
The Dow and S&P 500 each fell slightly lower, while the Nasdaq added about a tenth of a percent.
Data on Friday included a preliminary reading of the University of Michigan’s Consumer Sentiment Index, which was sharply lower than expectations.
But lousy consumer sentiment has its silver lining, explains Loreen Gilbert, CEO of WealthWise Financial Services.
“What that’s actually good for though is markets. Moving forward, from a consumer being depressed and down and negative, that actually points to a higher stock market looking out six months to a year. So while the consumer may be disheartened, when we look at business owners, business owners are still positive about what they see moving forward for their businesses. And that is very important when it comes to growth, because so much of our US depends on small business.”
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