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Stocks finish a quiet week with new all-time highs

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Wall Street capped a mostly quiet week of trading on Friday with broad gains for stocks.

Wall Street capped a mostly quiet week of trading Friday with broad gains for stocks and more record highs for the major indexes.

“It’s just a benign continuation of the year-end rally based on no compelling reasons to scare people into selling,” said Tom Martin, senior portfolio manager with Globalt Investments. “You have not a lot of reasons to sell; maybe a few reasons to buy. So, it’s just a very slow, low volume drift upward.”The S&P 500 rose 15.85 points, or 0.5%, to 3,221.22. With less than two weeks left in 2019, the S&P 500 is up 28.5% for the year.

The U.S. and China agreed last week to cut tariffs on some of each others’ goods and postpone other tariff threats. The interim trade deal has helped ease a key source of uncertainty for investors heading into next year.Encouraging reports on home construction, industrial production and other economic data earlier this week helped keep the rally going. More good news arrived Friday with a report showing U.S. households continue to spend amid a healthy job market.

Technology stocks accounted for a big slice of the market’s gains. Intel rose 1.7%. Healthcare and industrial stocks also notched solid gains. Cigna climbed 3% and Union Pacific added 1.7%.

 

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