U.S. stocks record new highs
17 November, 2019
Wall Street closed out the week with more milestones Friday as the Dow Jones Industrial Average crossed 28,000 for the first time and the S&P 500 and Nasdaq hit record highs.
Health care and technology stocks powered most of the broad rally, which helped drive the S&P 500 to its sixth straight weekly gain. The Dow extended its streak of weekly gains to four.
Investors have been encouraged by surprisingly good corporate earnings, three interest rate cuts by the Federal Reserve and data showing the economy is still growing solidly.
Hopes that the U.S. and China can make progress in their latest push for a trade deal have also helped keep investors in a buying mood.
“Over the past week the market absorbed a number of challenging trade headlines, and it didn’t go down,” said Willie Delwiche, investment strategist at Baird. “It might just be the case that with positive momentum, after not having had a chance to pull the market down, the bulls stepped in again and said: ‘Let’s keep this thing going.’”
The S&P 500 index rose 23.83 points, or 0.8 percent, to 3,120.46.
The Dow Jones Industrial Average gained 222.93 points, or 0.8 percent, to 28,004.89. The Nasdaq composite climbed 61.81, or 0.7 percent, to 8,540.83.