New York - A surprisingly strong report card on the U.S. economy helped power the benchmark S&P 500 and Nasdaq Composite indexes to record high closes on Friday, capping a week of gains for stocks that came largely on the back of resilient corporate profits.
After staying close to flat for much of the day the S&P, Nasdaq and the Dow gained ground in the last hour of trading to register their second record closes for the week. The S&P’s peak for the day was a point below its intraday record. The Dow Jones Industrial Average rose 81.25 points, or 0.31%, to 26,543.33, the S&P 500 gained 13.71 points, or 0.47%, to 2,939.88 and the Nasdaq Composite added 27.72 points, or 0.34%, to 8,146.40.After a late 2018 sell-off, stocks have rallied this year in large part due to a more dovish stance from the Federal Reserve as well as hopes of a U.S.-China trade resolution.
“Earnings season has been mixed but it’s been a net positive,” said Battle. “The theater now pivots from earnings season to the Fed meeting next week.”The S&P’s biggest boost on Friday was from the consumer discretionary sector, which rose 0.9%. Out of the S&P 500’s 11 major sectors, energy was the biggest percentage loser with a 1.2% drop as oil prices sank more than 3 percent after U.S. President Donald Trump again pressured the Organization of the Petroleum Exporting Countries to raise crude production to ease gasoline prices. [O/R]Walt Disney Co rose 1.95% after Marvel Studios superhero spectacle “Avengers: Endgame” hauled in a record $60 million at U.S. and Canadian box offices during its Thursday night debut.
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