The Dow on Friday was trying to close at its first record high of the year, as Wall Street has maintained steady optimism despite signs of underlying turbulence in the economy.
US stocks opened mixed Friday morning. The Dow rose as much as 292 points before paring those gains and trading up just 47 points, or 0.1%. The S&P 500 dipped into the red and fell 0.15%. The Nasdaq Composite fell 0.18%.
Stocks were under pressure Friday morning after the University of Michigan’s latest survey of consumers showed sentiment fell 5% in August and declined for the first time in four months due to worries about inflation.
The Dow had opened in record territory, surpassing its previous intraday record high set on December 4. The index needs to finish the day with a gain of 103 points, or 0.23%, to officially close at a record high.
The Dow was trying to climb higher as shares in UnitedHealth (UNH) — a significant component of the Dow — jumped 10%. Berkshire Hathaway (BRK.B) on Thursday afternoon revealed a stake in the health care giant, sending its shares higher after the closing bell. UnitedHealth shares are down 41% this year.
