Nasdaq weekly gains more than 3%

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on The Nasdaq closed at record levels for the fifth consecutive session, in contrast to the S&P 500 which ended slightly lower, retreating from all-time highs, and the Dow Jones which also fell slightly.

The Nasdaq gained 0.12% to close at 17,688.88. On the other hand, Mr S&P 500 fell slightly by 0.04% to 5,431.60 units, in line with data showing a decline in consumer sentiment. THE Dow Jones also fell slightly by 0.15% or 57.94 points to end at 38,589.16.

The index of consumer sentiment at the University of Michigan showed a decline in June from May, more than expected by analysts.

“The truth is that even in these bull markets, there are some days when the indexes catch their breath and investors cash out their profits. I think this short pause is normal after the Nasdaq and S&P 500 hit back-to-back records in recent sessions following better-than-expected consumer and producer price data,” said Baird strategist Ross Mayfield.

For the week, the S&P 500 and Nasdaq closed with gains of 1.6% and 3.2% respectively. In contrast, the Dow Jones recorded losses of 0.54%.

Producer price inflation fell to 0.2% last month, while economists expected an increase of 0.1%. On Wednesday, the consumer price index showed a marginal deceleration to 3.3% in May from 3.4% in April.

Among individual stocks, software giant Adobe rose 14% as second-quarter results beat Wall Street forecasts. In contrast, Caterpillar stock led the Dow lower, while Carnival, Norwegian Cruise Line and United Airlines were the S&P 500’s biggest losers.

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