Market Close: Dow posts best day in 2024

WTI July crude futures fell $0.92, or 1.18%, to $76.99 per barrel, down 3.83% for the week and 6.03% for May. Brent July crude futures fell $0.24, or 0.29%, to $81.62 per barrel, down 2.81% for the week and 7.10% for May. COMEX gold futures fell 0.79% to $2347.70 per ounce. COMEX silver futures fell 3.10% to $30.555. COMEX copper futures fell 0.67% to $4.6275 per pound. LME zinc fell over 3.3%. LME copper, zinc, and nickel all fell more than 2.6% for the week, while tin rose over 5.8% in May.

The Dow Jones Industrial Average was up more than 550 points after the Federal Reserve’s preferred inflation measure cooled. $Salesforce(CRM.US)$ and $UnitedHealth(UNH.US)$ gave the Dow the upward momentum. The S&P 500 added 0.8%, while the Nasdaq Composite ticked lower as Nvidia and Tesla declined. The S&P 500 and the Nasdaq posted losses for the week, ending a five-week winning streak. For the month, the Dow was up 2.3%, the S&P gained 4.8% and Nasdaq climbed 6.8%. With inflation matching economists expectations, the yield on the 10-year Treasury dipped to 4.501%.