Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on December 14, 2023 in New York City.
Angela Weiss | Afp | Getty Images
U.S. stock futures rose on Friday as the Dow Jones Industrial Average looked to add to this week's gains that have taken the 30-stock average to all-time highs.
Dow futures rose 92 points, or 0.25%. S&P 500 futures edged up 0.23% and Nasdaq 100 futures rose 0.27%.
The major averages are heading into their seventh consecutive positive week. Since Thursday, the Dow is up 2.8% week-over-week. The S&P 500 is up 2.5%, while the Nasdaq Composite is up 2.5% this week.
It would also be the S&P 500's seventh consecutive weekly gain, its longest winning streak since 2017. The Dow Jones is also on track for a nine-week winning streak, its longest since 2019.
Wall Street hits another new record high for the Dow on Thursday. The 30-stock benchmark rose more than 150 points. The S&P 500 and Nasdaq also rose.
The S&P 500 could soon join the Dow with an all-time high of its own. The broad market index is less than 1.6% away from a record close in January 2022. The Nasdaq is about 8% from its highest close ever and about 9% from its all-time intraday high.
Stocks rallied this week after the Federal Reserve admitted Wednesday that its efforts to curb inflation are working and suggested there would be three interest rate cuts in 2024, boosting investor sentiment. Retail sales for November, which came in stronger than expected on Thursday after weaker inflation readings this week, bolstered hopes that the Federal Reserve could manage a soft landing.
“We heard from Fed Chairman Powell that it's not about the economy, it's not about financial conditions, it's not about the labor market. It's about inflation, and inflation has fallen quite sharply and quickly,” Anastasia Amoroso, chief investment strategist at iCapital, told CNBC's “Closing Bell” on Thursday.
“And if we get to a point where inflation is 2.7% by March, the consensus is that interest rates will still be at 5.5%,” Amoroso said. “That’s a big gap that the Fed can do something about by cutting interest rates.”
Treasury yields fell this week. The 10-year Treasury yield fell below 4% after topping 5% in October.