The Dow outperformed the S&P 500 Index and Nasdaq on Friday as Nike, Dow Inc. and Caterpillar rose sharply.
The Dow outperformed the broader U.S. stock market on Friday, as a small contingency of blue-chips rose sharply.
Wall Street’s major indices diverged at the close, with the Dow Jones Industrial Average (DIA) rising 130.60 points, or 0.5%, to 27,665.18.
The broad S&P 500 Index (SPY) of large-cap stocks gained 0.1% to close at 3,340.91. Most sectors reported gains, with industrials and materials leading the pack. Financials and consumer staples also outperformed.
On the opposite side of the ledger, information technology shares declined sharply. Consumer discretionary and communication stocks also fell.
Tumbling tech shares weighed on the Nasdaq Composite Index (QQQ), which fell 0.6% to finish at 10,853.54.
A measure of implied volatility known as the CBOE VIX (VXX) declined sharply on Friday. The so-called “investor fear index” fell 9.9% to 26.76 on a scale of 1-100, where 20 represents the historical average. The fear gauge is up 98% this year.
In economic data, U.S. consumer prices rose faster than expected in August, a sign that inflation was returning. The consumer price index rose 0.4% on month and 1.3% annually, the Department of Labor reported Friday.
So-called core inflation, which strips away volatile goods such as food and energy increased 0.4% and 1.7% annually.
The Final Word: The United States remains the biggest epicenter of Covid-19. The nation has recorded more than 6.4 million cases. India and Brazil have also experienced massive spikes; each country has moe than 4.2 million confirmed cases, according to Johns Hopkins data.