Shares of banks and other financial institutions rose and the sector tested all-tijme highs, amid mounting optimism about the outlook for global stock and bond markets.
One strategist said major indexes have reached a technical crossroads, while macroeconomic trends will be tested by inflation and retail-sector data next week.
"What you're looking for is, is the bull market intact because we have seen some weakness in consumer discretionary, which is not what you want to see," said Quincy Krosby, chief global strategist at brokerage LPL Financial.
"[Consumers are] worried about their jobs, worried about inflation. You want to see consumer discretionary be part of the optimistic growth scenario that has underpinned the bull market," said Krosby.
Jim Simons, a mathematician who became one of the most successful investors in modern financial history, has died at age 86.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-10-24 1705ET
