However, market trimmed early gains after the release of a report from the University of Michigan showing a substantial deterioration in U.S. consumer sentiment in the month of May.
At closing bell, the Dow Jones Industrial Average index climbed up 125.08 points, or 0.32%, to 39,512.84. The S&P500 index advanced by 8.60 points, or 0.16%, to 5,222.68. The tech-heavy Nasdaq Composite index decreased by 5.40 points, or 0.03%, to 16,340.87. For the week, the Nasdaq jumped by 1.1%, while the S&P 500 and the Dow surged by 1.9% and 2.2%, respectively.
Total 06 of 11 S&P500 sectors closed higher along with S&P500 index. Consumer staples sector was top performer, rising 0.64%, while consumer discretionary sector was bottom performer, falling 0.6%.
ECONOMIC NEWS: The University of Michigan released U.S. consumer sentiment report on Friday showing its consumer sentiment index plunged to 67.4 in May from 77.2 in April. The report also showed a notable increase in year-ahead inflation expectations, which jumped to 3.5% in May from 3.2% in April. Long-run inflation expectations also inched up to 3.1% in May from 3% in April.
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