Dow ekes out narrow gain Friday for 10th straight positive day, longest rally since 2017: Live updates


Traders on the floor of the NYSE June 29, 2023.

Source: NYSE

Stocks were mixed Friday as traders assessed the latest corporate earnings results, and the Dow Jones Industrial Average stretched its winning streak to 10 sessions.

The 30-stock Dow climbed 2.51 points, or 0.01%, to close at 35,227.69. The S&P 500 added 0.03% to end at 4,536.34, while the Nasdaq Composite fell 0.22% to finish the session at 14,032.81.

The Dow narrowly notched its tenth straight day of gains, a feat not seen for the index since August 2017.

On a weekly basis, the S&P 500 added 0.69%, while the Dow gained 2.08%. It was the second positive week in a row for the two indexes. The Nasdaq fell 0.57% for the period.

Trading was volatile Friday as portfolio managers recalibrate their funds to account for an unusual Nasdaq-100 rebalance taking effect Monday. A large volume of index and stock options are also expiring Friday.

Traders were still eyeing more corporate earnings after a busy week of quarterly results. Transportation giant CSX fell 3.7% on the back of underwhelming results. American Express, meanwhile, dropped 3.8%.

Corporate earnings have been mixed thus far. Seventy-five percent of S&P 500 companies that have already reported have exceeded analysts’ expectations, according to FactSet data. However, that beat rate is below a three-year average of 80%, according to The Earnings Scout.

“…Overall, early Q2 results appear good enough for equity markets to grind higher for now,” Barclays analyst Emmanuel Cau wrote in a Friday note. “Next week will be more indicative of the broad earnings dynamics, with ~50% of market cap reporting.”


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