Stocks closed higher on Wall Street as the market posted its fifth straight gain and the Dow Jones notched another record high.
The S&P 500 rose 0.3 per cent. The benchmark index’s 1.7 per cent gain for the week erased most of its loss from last week.The Dow rose 1 per cent as it nudged past its most recent high set last week, and the Nasdaq composite rose 0.2 per cent. The Australian sharemarket is set to climb, with futures pointing to a rise of 52 points, or 0.6 per cent.
A majority of stocks in the S&P 500 gained ground, but those gains were kept in check by slumps for several big technology companies. Facebook owner Meta Platforms fell 0.7 per cent following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm.
Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation’s largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts’ expected and its forecast disappointed Wall Street.Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs.
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