U.S. stock markets close with fifth straight week of gains


Helped by boosts from the People's Bank of China and the European Central Bank, U.S. stock markets closed on Friday with a fifth week of positive performance — the best stretch since 2011, Fortune notes.
The People's Bank of China announced an interest rate cut on Friday that nudged international markets higher, while the European Central Bank's president, Mario Draghi, made comments about the bank's plans to double down on boosting the eurozone economy. The Dow Jones Industrial average closed at a record 17,810, while the S&P 500 rose nearly 11 points, to 2,064. The U.S. stock markets' reaction to international news underscores the need for consistent global gains, though, said one portfolio manager.
"It's short-term good news, but the really good news is going to take longer to play out," Tom Kolefas, of TIAA-CREF, told The Wall Street Journal. "What we really need is real economic growth (outside the U.S.)."
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Sarah Eberspacher is an associate editor at TheWeek.com. She has previously worked as a sports reporter at The Livingston County Daily Press & Argus and The Arizona Republic. She graduated from Northwestern University's Medill School of Journalism.
-
Can Trump put his tariffs on stronger legal footing?
Today's Big Question Appeals court says 'emergency' tariffs are improper
-
Film reviews: The Roses, Splitsville, and Twinless
Feature A happy union devolves into domestic warfare, a couple's open marriage reaps chaos, and an unlikely friendship takes surprising turns
-
Thought-provoking podcasts you may have missed this summer
The Week Recommends Check out a true crime binger, a deep-dive into history and more
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year