The Dow Jones Industrial Average hugged the flatline Friday, on track to end a muted week close to a record high as investors drew confidence from a blockbuster round of earnings.
The Dow and S&P 500 were little changed in recent trading. The S&P 500 climbed Thursday to its 47th all-time closing high of 2021.The tech-heavy Nasdaq Composite edged higher 0.1%.
Stocks have ground higher in thin summer trading, bolstered by a rapid pace of earnings growth at the biggest American companies, even as the spread of the Delta variant threatens to sap some speed from the economic recovery. Companies including Walt Disney and Tyson Foods posted a big jump in profits this week, and 86% of S&P 500 constituents that have filed quarterly reports have beaten analysts’ expectations.
“It’s a quiet market but the underlying tone still seems fairly positive despite these background concerns,” said Paul O’Connor, head of multi asset at Janus Henderson Investors.
On Friday, fresh data showed that consumer sentiment in the U.S. declined in early August. Americans’ prospects for the national economy deteriorated as the Delta variant spread.
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