Wall Street blue-chips have managed their first three-week positive run higher in three months, while the S&P 500 made minor gains on Friday after consumer data suggested a weakening mood with renewed fears over inflation.
The S&P 500 closed 0.2 per cent higher, up 1.9 per cent this week, while the tech-heavy Nasdaq Composite ended flat for a rise of 1.1 per cent since Monday morning.
An early upbeat mood was dented after figures from the University of Michigan’s preliminary May survey showed overall sentiment at a six-month low, but at a six-month high for expected inflation, prompting some worry about the potential for stagflation.
Yields on interest-rate sensitive two-year Treasuries rose to 4.87 per cent in response, up 0.06 percentage points on the day.
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