S&P 500 Extends Winning Streak to Six Weeks
The S&P 500 rose 2.3 percent and the Nasdaq gained 4.5 percent for the week, closing at record highs. Positive earnings reports, a mixed April jobs report and an optical fiber supply agreement between two technology companies contributed to the gains. Oil prices and bond yields declined during the period.
finance.yahoo.comThe S&P 500 extended its winning streak to six weeks, rising 2.3 percent for the period. The Nasdaq gained 4.5 percent and both indexes closed at record highs on Friday. Investors responded to positive company earnings reports, economic data releases and news of a major technology partnership.
Oil prices and bond yields fell during the week, a combination that has supported stock prices in recent sessions.
The Labor Department reported that nonfarm payrolls rose by 115,000 in April. That figure exceeded economists' expectations of 55,000 but fell short of the 185,000 jobs added in March. The unemployment rate held steady at 4.3 percent. The mixed April jobs report and low consumer sentiment readings complicated the outlook for the Federal Reserve's next interest rate decision.
The central bank's current chairman's term ends on May 15. The latest University of Michigan survey showed consumer sentiment fell to a new low in early May. Surging gas prices linked to events in the Mideast contributed to the decline in sentiment.
A quarterly earnings report from Fortinet lifted shares of cybersecurity companies CrowdStrike and Palo Alto Networks. CrowdStrike rose about 16 percent for the week and Palo Alto Networks gained roughly 15 percent. Fortinet raised its full-year billings guidance.
Investors interpreted the results as positive for the broader cybersecurity sector. Cyber stocks have experienced volatility this year amid concerns over artificial intelligence-driven disruption in software companies. Some investors expect increased adoption of generative AI to benefit cybersecurity firms over time.
