Stock market today: Late push sends Wall Street mostly higher, closing out another winning month

NEW YORK — Stocks ended mostly higher on Wall Street, closing out the market’s latest winning month. The S&P 500 shook off a midday slump and ended 0.8% higher Friday. Drops for Nvidia and other technology stocks held back the Nasdaq composite, leaving that index just barely in the red. The Dow Jones Industrial Average climbed 1.5%. Treasury yields eased in the bond market after a key measure of inflation remained steady last month.

Nvidia fell for a second straight day, losing 1.1%, as its momentum finally slows after soaring more than 20% since its blowout profit report last week. The chip company was the heaviest weight on the S&P 500 Friday outside of Microsoft’s 1.7% drop and Amazon's 2.5% fall. That could bolster the Federal Reserve’s confidence that inflation is sustainably heading down toward its target, something it says it needs before it will cut its main interest rate.

Friday’s report from the U.S. government showed that growth in spending by consumers weakened by more than economists expected. Growth in incomes for Americans also slowed last month. The two-year Treasury yield, which more closely tracks expectations for Fed action, slipped to 4.88% from 4.93% late Thursday.

Gap leaped to one of the market’s biggest gains, 28.7%, after delivering stronger profit and revenue for the latest quarter than analysts expected. The parent company of Old Navy and Banana Republic reported growth across its brands, reversing earlier declines at most of them. The retailer also raised its forecasts for sales and profitability this year despite saying the outlook for the economy remains uncertain.

Source: News Formal (newsformal.com)

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