FRIDAY – Stocks hovered around the flatline on Friday but remained on track for solid weekly gains after trade optimism sparked a massive rotation out of bonds and lifted equities to record levels.
The Dow Jones Industrial Average traded 38 points lower, or 0.1%. The S&P 500 slid 0.1% while the Nasdaq Composite climbed 0.3%.
Disney was among the best-performing stocks on Wall Street after the company released its latest quarterly figures. Health care was the best-performing sector in the S&P 500, gaining 0.4%.
The major averages were poised to extend their weekly winning streaks despite Friday’s muted performance amid an improving tone around global trade
The Dow is up 1.1% week to date. The S&P 500 and Nasdaq Composite are up 0.6% and 0.8%, respectively, for the week. It would be the third straight week of gains for the Dow while the S&P 500 headed for its fifth straight weekly gain. The Nasdaq was on pace for a six-week winning streak.
Sentiment was also boosted this week by corporate earnings results that have generally beaten expectations. Of the 425 S&P 500 companies that have reported thus far, 74% have beaten estimates.