Wall Street closed mixed, and S&P 500 marked another record

Wall Street shares finished a volatile week on a mixed ground last week.

The selective S&P 500 marked its second consecutive record after a rough day. It increased by 0.19% or 8.26 points, to 4,247.44. At the same time, the Dow Jones advanced by 0.04% or 13.36 points, to 34,479.60.

The Nasdaq Composite Index, listing the main technology companies, added 0.35% or 49.09 points, to 14,069. 

By sectors, gains were led by financial co0mpanies, technology, and non-essential goods sectors. Meanwhile, the health sector has experienced the most losses.

On the first section of the trading day, Wall Street traded in the mixed ground. However, it rallied in the last few minutes.

Experts believe that the price increase will be transitory

As the Federal Reserve has insisted, inflation will be transitory, and experts believe that even the supply shortage could be temporary. They expect companies to increase productivity and begin to adjust to increased demand. 

Brian Belski, a chief investment strategist at BMO Capital Markets, believes that the sharp uptick in prices can not be translated into an extended period of raised inflation. 

Investors reacted positively to the data on the recovery of the US labor market. Applications for unemployment benefits registered the lowest weekly number in the last 15 months. 

Among the 30 Dow Jones stocks, the most significant rises were made by American Express, which added 1.40%. Goldman Sachs followed it with a 1.11% gain. Meanwhile, McDonald’s gained 1% and Apple advanced by 0.98%.

The most significant losses were registered by Caterpillar, with a drop of 2.20%. Johnson & Johnson decreased by 1.24%, and UnitedHealth yielded 0.90%. 

As for the “meme” stocks outside of the group, Clover raised by 4.81%, AMC advanced by 15%, and Gamestop added 6%. 

The treasury market seemed to agree with the outlook for temporary inflation. The US 10-year Treasury bond yield dropped by 1.43%, to a low not seen in 10 months.