US markets closed higher for the week on Friday, June 14. By the end of the week, the S&P 500 and Nasdaq Composite had increased by roughly 1.6% and 3.2%, respectively. On Friday, the tech-heavy index, the Nasdaq Composite, closed record high for the fifth consecutive session. The index moved 0.12% higher to settle at 17,688.88. However, the other two indices closed lower. The S&P 500 inched lower by 0.04% to close at 5,431.60, snapping a four-day winning streak. The Dow Jones Industrial Average pulled back 58 points, or 0.15%, to settle at 38,589.16.
The Nasdaq and S&P 500 have gained this week on expectations of a sustained slowdown in inflation.
The University of Michigan’s Survey of Consumers showed that consumer sentiment declined to 65.6 in June, down from 69.1 in May. According to a news report by CNBC, this reading also came below the 71.5 Dow Jones estimate.
In contrast to the 0.1% increase that economists surveyed by Dow Jones had predicted, wholesale inflation unexpectedly decreased by 0.2% last month. This occurred after a monthly zero reading for the consumer price index in May.
