Stocks traded higher on Friday as two major markets tried to end a record-setting week on a high note.
The Dow Jones Industrials gained another 52.6 points, on top of Thursday’s all-time high, to 26,709.58, led by gains in McDonald's and United Technologies.
The S&P 500 added 7.16 points to 2,937.92, also a new all-time record, climbing 0.3% as telecommunications outperformed.
The Dow is up 1.9% and the S&P up 0.9% for the week, as investor fears of a full-blown trade war taking place decreased.
The NASDAQ forged forward 8.65 points to 8,036.89, to trade about 1% away from an all-time high.
Investors also braced for an S&P 500 sector reshuffling that will send Google-parent Alphabet, Netflix, Facebook and Twitter to the telecommunication services sector. That sector will also be renamed communication services starting Monday. Disney and CBS will also be added to the revamped sector.
The moves will lead to a 21.4% loss in market cap for the consumer discretionary sector and a 19.5% drop in tech's market value. Meanwhile, the new communication sector will represent 9.8% of the S&P 500, up from the current telecom's size of 2%.
Analysts are not expecting a large move when the new sector starts trading on Monday, but some media stocks could garner buying interest as some of the large FANG stocks join the space.
McDonald's shares rose 2.3% after the company hiked its quarterly dividend by 14.9% to $1.16 per share.
Micron shares dropped 2.9% after the chipmaker said PC processor shortages are hurting demand for memory chips, a key business for the company.
Prices for the benchmark for the 10-year U.S. Treasury inched up, lowering yields to 3.06% from Thursday’s 3.07%. Treasury prices and yields move in opposite directions.
Oil prices gained 75 cents to $71.07 U.S. a barrel.
Gold prices fell $8.90 to $1,202.40 U.S. an ounce.
