U.S. Indices Rise at Week’s End
The U.S. markets closed mixed at the end of trading on Friday,
with some indices rising while others fell.
Topic
Gold
U.S. Indices
The telecommunications, technology, and financial sectors recorded gains,
while the oil and natural gas, consumer services, and public enterprises sectors suffered losses.
At the close of trading in New York, the Dow Jones Industrial Average increased by 0.32% and reached a new record high for the month.
The S&P 500 rose by about 0.16%, while the Nasdaq decreased by approximately 0.03%.
Consumer Confidence Index
Decline in the University of Michigan Consumer Confidence Index:
The preliminary reading of the University of Michigan Consumer Confidence Index fell to 67.4 in May. Economic forecasts had anticipated a reading of 76 points, while the previous reading was 77.2 points.
The Michigan inflation expectations index for May recorded 3.5%, whereas forecasts had predicted a rise to 3.2%, similar to the previous reading.
The survey also showed that inflation expectations over the next five years registered at 3.1%, while forecasts had anticipated 3%.
Meanwhile, the Michigan index for consumer expectations recorded 66.5 points in the preliminary reading for May, whereas forecasts were at 75 points, and the previous reading was 76 points.
The Michigan index for current conditions recorded 68.8 points, while forecasts had anticipated 79 points, as in the previous reading.
Gold
China Continues Buying Gold:
The strong demand for gold in China remains evident.
There is widespread optimism about gold, though there are some concerns
about the rapid increase in gold prices and unexpected changes in usual economic relationships.
In the short term, Chinese investors agree that any dip in gold prices represents an opportunity to buy more.
While they anticipate a rise in gold prices in the medium and long term,
many expect a period of stability in the near future.
This pause may spur more actual buying, which has slowed down slightly recently, allowing for a reevaluation of speculative investments.
U.S. Indices Rise at Week’s End