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U.S. stocks hovered near the flatline Friday morning as investors looked toward the end of a week that has ushered in a recovery rally, with all three major indexes on pace to end the five-day stretch with gains.
The Dow Jones Industrial index fell 22.86 points to begin Friday at 40,540.20.
The S&P 500 index inched up 1.78 points to 5,545.
The NASDAQ garnered 25.91 points to 17,620.40.
For the week, The S&P 500 has added more than 3%, which puts the broad market index on track for its best week since November 2023. The NASDAQ is up 5% while the 30-stock Dow has advanced about 3%.
Shares of Nvidia are among the biggest winners among technology stocks on the week with a gain of 17%. Apple and Microsoft have advanced roughly 4% and 3%, respectively.
Retail sales data released Thursday came in much stronger than economists expected, while weekly jobless claims fell. Both offered evidence that recession fears, which helped spark a global selloff earlier this month, were overblown. Inflation readings released earlier this week bolstered hopes that a soft landing scenario was still possible.
Prices for the 10-year Treasury gained a bit, lowering yields to 3.90% from Thursday’s 3.92%. Treasury prices and yields move in opposite directions.
Oil prices slipped $1.29 at $76.87 U.S. a barrel.
Gold prices rallied $31.60 to $2,524.
