Advertisment
Stocks rose to all-time highs on Friday as investors ended a record-setting week on a high note.
The Dow Jones Industrial Average soared 243.95 points to 27,332.03, and hit an all-time high. The 30-stock index rocketed nearly 450 points, or 1.7%, on the week.
The S&P 500 gained 13.86 points to 3,013.77, and also reached a record. The S&P took on 23 points on the week, or 0.8%.
The NASDAQ Composite thundered higher 48.1 points to 8,244.14. The tech-heavy index triumphed 82 points, or 1% on the week.
Shares of Dow, Inc. led the Dow Industrials higher, rising 4%. Intel climbed 2.7%, and Caterpillar, meanwhile, gained 3.3%. J.B. Hunt Transport Services was the best-performing stock in the S&P 500, jumping 5.9%, and leading a 1.8% gain in the industrials sector.
The corporate earnings season kicks off next week as major banks like J.P. Morgan Chase, Citigroup, Goldman Sachs and Bank of America are scheduled to report. Estimates for the season are downbeat, however.
Analysts expect S&P 500 earnings to have fallen by more than 2% in the second quarter.
Fed Chair Jerome Powell testified in front of congressional leaders this week that "crosscurrents" from weaker overseas economic activity and rising trade tensions are dampening the outlook on the U.S. economy.
Prices for the benchmark 10-year U.S. Treasury slid a bit, raising yields to 2.11% from Thursday’s 2.10%. Treasury prices and yields move in opposite directions.
Oil prices acquired four cents to $60.24 U.S. a barrel.
Gold prices gained $9.70 to $1,409.10 U.S. an ounce.
