The U.S. stocks had a mixed day on Friday but still recorded another strong week thanks to significant gains in previous days.
Blue-chip Dow Jones Industrial Average managed to reach another record close at 42,313.00 points after 0.33% or 137.89 points gain. The index finished the week with 0.60% or 252.60 points gain.
On the other hand, the benchmark S&P 500 and tech-heavy Nasdaq Composite were both in the red on Friday. S&P 500 lost 0.13% or 7.20 points to close at 5,738.17, although it was coming from an all-time record on Thursday and is 0.46% up for the week.
Nasdaq was down to 18,119.59 close after sliding 0.4% or 70.70 points on Friday, a result of weak performance by ship stocks. Still, it recorded the highest weekly gain of all three major indexes, finishing the week up 0.69%.
The winning week for stocks was likely prompted by the increased confidence in the economy after the latest data showed an annualized growth of 3% in the second quarter, which was above analysts’ expectations.
Additionally, 218,000 unemployment claims were filed last week compared to an estimated 223,000, while the Customer Department’s recent report showed that the inflation is on the path of further cooldown.