Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on December 14, 2023, in New York City.
Angela Weiss | afp | fake images
US stock futures rose on Friday after the Dow Jones Industrial Average hit a new record, heading for its best weekly winning streak since 2019.
Dow Jones Industrial Average futures rose 92 points, or 0.25%. S&P 500 futures rose 0.23% and Nasdaq 100 futures rose 0.27%.
Wall Street is coming off another new record for the Dow on Thursday, after closing for the first time above 37,000 on Wednesday. The 30-share benchmark index rose 158 points, or 0.43%, to 37,248.35. The S&P 500 gained 0.26% to 4,719.55. The Nasdaq Composite rose 0.19% to 14,761.56.
The S&P 500 could soon join the Dow Jones with its own all-time high. The broader index is less than 1.6% from a record close set in January 2022. The Nasdaq is about 8% from its highest close in history and about 9% from its all-time intraday high.
Stocks rose this week after the Federal Reserve admitted Wednesday that its efforts to curb inflation are succeeding and indicated three interest rate cuts will come in 2024, boosting investor confidence. Better-than-expected November retail sales data on Thursday, following colder inflation readings this week, raised hopes that the Federal Reserve could achieve a soft landing.
"What we heard from Fed Chairman Powell was that it's not about the economy, it's not about financial conditions, it's not about the labor market. It's about inflation, and inflation has been going down quite a bit and quickly," said Anastasia Amoroso, chief investment strategist. at iCapital, she told CNBC "Closing bell" Thursday.
"And if we are at a point where inflation is 2.7%, by March, that consensus expects interest rates to still be at 5.5%," Amoroso said. "That's a big gap that the Fed can do something about, namely cut rates."
Treasury yields plunged this week. The 10-year Treasury yield fell below 4% despite topping 5% in October.
The major averages are headed for their seventh consecutive positive week. Through Thursday, the Dow Jones is up 2.8% for the week. The S&P 500 is up 2.5%, while the Nasdaq Composite is up 2.5% this week.
