Stocks hit fresh records in a shortened trading session Friday as investors continued to bet on a pickup in economic growth and rising corporate profits.
The gains were modest but broad, with nearly every sector in the Standard & Poor’s 500 index rising. Utilities rose the most, up 1.4 percent. Markets closed at 1 p.m.
ON WALL STREET: At the close, the Dow Jones industrial average was up nearly 69 points, about 0.4 percent, at 19,152.1. The S&P 500 climbed 8.6 points, about 0.4 percent, to 2,213.4. The Nasdaq composite added 18.24 points, about 0.3 percent, to nearly 5,399.
BOND PRICES: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.36 percent from 2.35 percent a day earlier. Investors sold bonds again on fear that inflation in the future could eat into their fixed payments. Yields, which move opposite prices, fell.
OIL PRICES: Analysts said oil prices will be reacting to whether OPEC members reach an agreement on meaningful output cuts during their meeting next week. As markets closed, benchmark U.S. crude was down $1.90 at $46.06 per barrel on the New York Mercantile Exchange. In London on the Intercontinental Exchange Europe, Brent crude, used to price international oils, shed $2.07 to $46.93 per barrel.
BROAD RALLY: Indexes have been rising since the presidential election, and the close on Friday capped a third week in a row of S&P 500 gains. The index is up 4 percent so far this month.
Investors anticipate that plans by President-elect Donald Trump to cut taxes, reduce regulations and spend on infrastructure will speed economic growth.
Investors are also reacting to recent signs of a pickup in growth in several other major economies around the world, said analyst Jim Paulsen, chief investment strategist for Wells Capital Management. “We haven’t had a synchronized bounce in growth across the globe ever in this recovery” Paulsen said. “This is the first time you’re getting all the economic boats going north at the same time, and I think stock markets are reflecting that.”