Stocks rose on Friday but are well on their way to a five-week winning streak after a hotter-than-expected inflation reading was released on Wednesday.
The Dow Jones Industrial Average rose 160 points, or 0.4%. The S&P 500 was up 0.6% and the Nasdaq Composite was up 0.8%.
Dow component Johnson & Johnson saw shares surge about 1% after the Wall Street Journal reported the company was being split in two. Johnson & Johnson is reportedly splitting its consumer health division into a separate public company.
Mega-cap technology names supported the broader market. The Facebook parent Meta rose by more than 3%. Apple, Microsoft, Amazon, and Google parent Alphabet each added more than 1%.
The main averages are well on their way, the week after hottest inflation report in 30 years. The Dow is down 0.7%, the S&P 500 is down 0.4% and the Nasdaq Composite is down 0.9%.
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New data from Friday morning underscored ongoing inflation fears and labor market challenges.
Consumer sentiment in early November dropped to its lowest level in a decadethe University of Michigan reported on Friday. According to the report, many respondents cited inflation concerns.
In the meantime, Workers left their jobs in record numbers in September 4.43 million people quit, the Ministry of Labor reported on Friday. The exodus came when the U.S. had 10.44 million job openings that month, according to the report.
Despite this week’s losses, the three big averages are within striking distance of their record highs. The S&P 500 is up more than 24% in 2021.