Economy
CLOSING BELL: August 10: DJIA: 13,207.95 | UP 42.76 | -0.32%
OIL: $92.87, DOWN 0.49, -0.52%%
GOLD: $1,622.80, UP 2.60, +0.16%
GASOLINE (US Avg): $3.673, UP .011
S&P 500 ekes out gains to run streak to six days
Ryan Vlastelica, Reuters – The Standard & Poor’s 500 finished slightly higher on Friday to run its streak to six straight sessions, but activity was light and gains were slight as the market enters a seasonally slow period.
The Dow and the S&P 500 closed out their fifth straight week of gains, led once again by expectations for global central bank stimulus despite discouraging signs for growth like weak data from China.
Overall, the S&P has gained a scant 0.3 percent over the past three sessions, a sign that while investors aren’t looking to cut positions, they’re also reluctant to make robust moves above the three-month highs the S&P has been hovering around.
“It makes sense that we’d take a bit of a breather, but momentum has been strong, and the fact that we’ve held steady despite a lack of good news is a good sign the trend will continue,” said Joe Bell, senior equity analyst at Schaeffer’s Investment Research in Cincinnati.
Volume was incredibly light, with about 4.97 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, well below last year’s daily average of 7.84 billion.
Read the rest of this article at Reuters here.
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
