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Wall Street edged slightly higher on Friday, with major equity indices showing modest gains at midday in New York.
Both the S&P 500 and Nasdaq 100 are on track to record their best week since October 2023, driven by stronger-than-expected economic data that eased earlier concerns of a recession. If they close in the green, they will secure the seventh straight positive session.
On Friday, the University of Michigan’s Consumer Sentiment Index for August exceeded expectations, adding to a series of positive data, including lower-than-anticipated jobless claims and strong retail sales growth reported the day before.
Gold was the standout performer, climbing 1.5% to reach a record high of $2,500 per ounce, as traders positioned themselves in anticipation of imminent Federal Reserve rate cuts.
This surge in gold prices boosted gold mining stocks, with the VanEck Gold Miners ETF (NYSE:GDX) advancing over 2%.
Oil prices, however, dipped 1.6% amid reduced geopolitical tensions as Gaza ceasefire negotiations resumed in Doha, Qatar. In a joint statement, the United States, Qatar, and Egypt announced that Washington had presented a new proposal that has the potential to rapidly close gaps and lead to a swift agreement.
Meanwhile, Bitcoin (CRYPTO: BTC) rose 1.6%, reaching $58,368.
Major Indices | Price | 1-day %chg |
Russell 2000 | 2,142.44 | 0.2% |
S&P 500 | 5,552.80 | 0.1% |
Dow Jones | 40,619.51 | 0.1% |
Nasdaq 100 | 19,507.26 | 0.1% |
According to Benzinga Pro data:
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