Economy

Dow, S&P close out impressive week at new all-time highs

Dow, S&P close out impressive week at new all-time highs”

Eight of the 11 S&P sectors rose today, with telecom services (+1.8%) topping the leaderboard for the day and the week (+3.9%), and financials (+0.5%) and energy (+0.2%) also outperformed, finishing with respective weekly gains of 3.3% and 3.5%.

The major indexes are hovering at record high levels, with investors now awaiting the Federal Reserve's meeting on September 19-20 to gauge the future path of monetary policy.

The S&P 500 rose 1.6 percent for the week, capping its biggest advance since January, as tech shares rebounded and banks climbed with Treasury yields.

USA crude oil closed unchanged at $49.89/bbl, preserving a 5.1% gain for the week in its best performance in almost two months.

Both readings included the impact of Hurricane Harvey.

"Investors are keeping an eye on the retail sales data, thinking it may be transitory, and are focusing on growth areas such as technology, which is mostly immune to policy decisions in D.C. and has avoided all the global noise", said Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee.

US stocks were little changed on Friday, but the Dow eked out another record high, as investors shrugged off North Korea's latest missile test and domestic economic data that did little to move the needle on the timing of an interest rate hike.

The Dow Jones industrial average advanced 2.2 percent to 22,268.34.

Nasdaq 100 e-minis NQc1 were down 8.5 points, or 0.14 percent, on volume of 4,662 contracts. They yielded 1.06 percent and 1.19 percent in when-issued trading.

Boeing rose 1.53 percent to a record high after Canaccord Genuity raised its price target for the stock.

Oracle fell 5.83 percent after the company's disappointing profit forecast and indications of a slowing cloud business.

About 8.5 billion shares changed hands on USA exchanges, above the 20-day average of 5.9 billion shares.



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