The S&P 500 Ended with a Record on Wall Street

Wall Street closed the last day of the week on mixed ground. However, the S&P 500 registered another record, ending its best week since February. 

At the close of the NYSE session, the selective S&P 500 rose by 0.33% or 14.21 points, to 4,280.70. Meanwhile, the Dow Jones Industrials advanced by 0.69% or 237.02 points, to 34,433.84.

The Nasdaq Composite Index, which brings together the main technology companies, dropped 0.06% 9.32 points, to 14,360.39.

In the last five sessions of last week, the Dow Jones accumulated a profit of 3.5%. The S&P 500 added 2.7%, and the Nasdaq increased by 2.4%. Last week’s optimism resulted from signs of economic recovery in the US after the coronavirus crisis. 

In the first quarter of the year, the country’s economy expanded by 1.6%. According to the latest government estimate, the price index for personal consumption increased by 3.4% in May. It has been the most significant increase since 1992, reflecting inflationary pressures. 

Jerome Powell, the Fed president, insisted that those pressures are temporary, and investors are beginning to digest his statement. 

Nike shares soared by 15%

At the opening of Wall Street on Friday, Nike shares shot up by 15%. The multinational sportswear company stocks settled with a rise of 15.53% or 20.75 points at 154.35. 

In the fiscal year 2021, which ended on May 31, the company earned a net profit of 5.727 million dollars. It was a 127% increase compared to the previous year’s estimates when Nike had to close almost all the shops globally to prevent infections.

During the Q4, the company highlighted record sales in North America, its most crucial region. 

Nike has begun the fiscal year 2022 with optimism, expecting to obtain sales of 50,000 million dollars.