new York Investors’ new-found delight in pharmaceutical and financial stocks gave US stock markets a conciliatory weekend close. The Dow Jones closed marginally higher at 35,228 points and thus posted the tenth consecutive day gain. This is the longest winning streak in almost six years. The tech-heavy Nasdaq, meanwhile, fell 0.2 percent to 14,033 points and the broad S&P 500 closed little changed at 4536 points. On a weekly basis, the S&P rose by almost 0.7 percent and the down by 2.1 percent. However, the Nasdaq fell 0.6 percent.
Paul Nolte, market strategist at financial services firm Murphy & Sylvest, pointed out that valuations in the healthcare and banking sectors are lower than those of technology stocks, which have been the focus of recent months. Prices were also supported by hopes that the US Federal Reserve could take a break from raising interest rates.
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