Wall Street Holds Near Record Highs as Oil Prices Slide
US stocks drifted near record levels on Friday afternoon, while oil prices continued to fall.
The S&P 500 rose 0.2%, recovering from just its second loss in 10 sessions. The Dow Jones Industrial Average gained 0.4%, and the Nasdaq Composite advanced 0.2%.
The US market has been on an extended rally, climbing roughly 35% since April, though momentum has eased in recent days. With the US government shutdown still ongoing, several key economic data releases that typically move markets have been delayed.
Investors are awaiting the University of Michigan’s consumer sentiment report, due later today, for clues on the outlook for spending and confidence.
Among individual movers, Levi Strauss shares slumped 9.6%, despite posting better-than-expected quarterly profits. The company’s full-year forecast met analyst expectations, but after a 42% year-to-date gain, the stock may be facing the weight of lofty investor expectations.
