Overview
- The S&P 500 rose 0.7% on Friday to 5,958.38, marking its fifth consecutive daily gain and a 5.3% increase for the week.
- The Dow Jones Industrial Average climbed 0.8% to 42,654.74, and the Nasdaq Composite added 0.5% to reach 19,211.10, driven by strong performance in tech stocks.
- Markets rallied throughout the week after the U.S. and China agreed to a 90-day tariff pause, reducing tariffs on both sides and fueling optimism for broader trade deals.
- Consumer sentiment fell to 50.8 in May, near its second-lowest reading in history, highlighting a disconnect between market performance and household economic outlooks.
- Corporate developments included a 6.4% rebound in UnitedHealth shares after a sharp drop tied to a reported DOJ investigation, and Cisco shares rising nearly 5% on an upgraded annual forecast driven by AI growth.