- The Dow, S&P 500, and Nasdaq rose in unison on Friday.
- A vital consumer data metric rebounded from the previous month’s unexpected contraction.
- Trump administration officials expressed confidence that the US and China will sign a trade deal soon.
The Dow forged ahead on Friday, setting the 28,000 mark firmly in its sights as strong consumer data and upbeat trade war forecasts satiated bullish investor appetites.
Dow Blasts Toward 28,000 Level
Wall Street’s three major indices rose in unison during the week’s final trading session. The Dow Jones Industrial Average bounced 90.3 points or 0.33%. The index now stands at 27,871.26, a new all-time high.
The S&P 500 rallied 9.5 points or 0.31% to cross the 3,100 threshold. The large-cap index last traded at 3,106.38.
The Nasdaq outperformed, blasting 36.66 points or 0.44% higher to 8,516.22.
The CBOE VIX, a measure of implied stock market volatility, dropped 2.3%, placing pressure on safe-haven assets. Gold snapped its daily winning streak to trade 0.5% lower, and silver slid nearly 1% after falling below $17.
Vital Consumer Data Rebound from Unexpected Contraction
The stock market benefited from a new batch of consumer data that demonstrates the US economy is continuing to defy recession portents.
US retail sales rose 0.3% in October, narrowly beating economist estimates and suggesting that consumer spending – the backbone of the economy – continues to weather the trade war without much difficulty.
Core retail sales rose 0.2%. That was slightly below the consensus forecast. However, it demonstrates that consumer spending is still moving in the right direction, even without the help of automobile sales, which can vary significantly from month to month.
Both retail sales metrics had unexpectedly contracted in September,…