The S&P 500 closed 0.2% higher, up 1.9% this week, while the tech-heavy Nasdaq Composite ended flat for a rise of 1.1% since Monday morning. The two indexes actually opened higher on Friday but struggled into the close after figures from the University of Michigan’s consumer sentiment survey data prompted some worry about stagflation.
The consumer sentiment index registered a preliminary reading of 67.4 in May, its lowest since November, falling far short of the 76 expected by economists. Inflation expectations for the year ahead rose from 3.2% last month to 3.5%.