Investors were unable to contain their enthusiasm for federal interest rates and more positive economic data today, but it wasn’t enough to derail a positive week. Dow Jones Industrial Average (DJIA).
Key things
- The Dow fell 0.2% to end the week up 1.3%.
- Apple hit an intraday all-time high before falling back 0.6%.
- Intel was the top-performing Dow stock after the announcement of a new chip manufacturing plant in Poland.
- Disney falls lower after top executive leaves amid rumblings of company restructuring.
The Dow gained 1.3% during the week, the index moved higher for the third time in a row. The Nasdaq fell 0.5% today, the Nasdaq ended the week up 2.8%. S&P 500Today’s drop of 0.3% did not prevent it from gaining 2.4% this week.
With the Federal Reserve’s rate hike decision in the rearview mirror, investors got more signals that consumers are confident about the economy through University of Michigan Consumer Sentiment Index (MCSI)which was higher than expected.
Intel (INTC) shares rose 2% after it said it would build a $4.6 billion chip plant in Poland, its third in Europe, as it expands to meet the continent’s growing demand for semiconductor chips.
Walgreens Boots Alliance (WBA) shares moved up 1.5% after it announced that it had signed a deal with sa biotech startup expand its footprint in clinical trials, a market that competitor CVS (CVS) recently discontinued. CVS fell 2.5%.
Walt Disney (DIS) shares had the worst performance Dow 30 following news of the departure of a top manager. The Wall Street Journal reported that Disney CFO Christine McCarthy clashed with CEO Bob Iger and other executives, particularly over a restructuring of the entertainment division that she did not believe had gone far enough.
Microsoft stock (MSFT) fell 1.2%, although it still managed to eclipse its all-time high, trading above $344, higher than its previous high of $343.11 from November 2021. UnitedHealth Group (UNH) continued its decline, falling 1.2% after reporting earlier in the week that surgical procedures were rising, threatening the insurer’s profits.
After hitting its all-time high in intraday trading, Apple (AAPL) shares fell 0.6% to trade below $185, but touched $186.99 earlier in the session.