US stock indices close at record highs, post 5% weekly gain

The US stock indices boosted their gains on Friday as consumer confidence in the US rose to the highest level since April. This coincided with lower expectations for inflation for the next year to fall to the lowest level since December 2020.

The Dow Jones Industrial Average rose nearly 0.6%, or 259 points, to a record close of 43,98 points. It posted a weekly gain of 4.6, after breaking the 44,000-mark for the first time.

Likewise, the S&P 500 Index edged up 0.4%, or 22 points, to reach an all-time high of 5,995 points. The benchmark recorded a weekly rise of 4.65%, after exceeding 6,000 points for the first time.

Nasdaq Composite added 0.1%, or 17 points, ending at a record level of 19,286. It gained about 5.75% in the week.

As for the European indices, STOXX Europe 600 fell 0.65% to 506.6 points. The index recorded losses for the third straight week, after dropping 0.85% in the week.

FTSE 100 lost 0.85% to 8,072 points, while DAX 40 declined 0.75%, to 19,215 points. CAC 40 shed 1.15%% to 7,338 points.

In Japan, Nikkei 225 edged up 0.30% to 39,500 points. TOPIX kept flat at 2,742 points, but the two indices posted weekly rises of 3.8% and 3.7%, respectively.

In the oil market, Brent crude futures for January 2025 delivery fell by 2.35%, or $1.76, to $73.87 a barrel. However, they posted weekly gains of over 1%.

Meanwhile, WTI crude futures for December delivery dropped by 2.75%, or $1.98, to $70.38 per barrel, but recorded a 1.3% rise for the week.

As for gold, December gold futures declined by 0.4%, or $11, to $2,694.80 per ounce, marking the second consecutive week of losses, with the metal down 2% this week.

Data from the University of Michigan revealed that the US Consumer Sentiment Index rose by 3.5% month-on-month to 73 points in the preliminary reading for November. Meanwhile, inflation expectations for the coming year fell to 2.6% from 2.7%.