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Rising tech stocks send S&P 500 to record, 8th weekly gain

Trader Gerard Farco on the floor of the

Trader Gerard Farco on the floor of the NYSE showing the rate decision of the Federal Reserve, Wednesday, Nov. 1, 2017.  Credit: AP / Richard Drew

Another spurt higher for Apple and other technology stocks helped the Standard & Poor’s 500 set a new record on Friday, and the index closed out an eighth straight week of gains.

It was another mostly calm day for markets after a report showed that the U.S. job market strengthened last month, though not by as much as expected. Bond yields held relatively steady, stock markets around the world rose modestly and the price of oil climbed to its highest level in more than two years.

The S&P 500 rose 7.99 points, or 0.3 percent, to 2,587.84 after flipping between modest gains and losses earlier in the day. The push higher helped it clinch its longest weekly winning streak in nearly four years.

The Dow Jones industrial average rose 22.93 points, or 0.1 percent, to 23,539.19, and the Nasdaq composite climbed 49.49 points, or 0.7 percent, to 6,764.44.

Apple rose after it reported stronger revenue and earnings for the latest quarter than analysts forecast. A new iPhone model debuted on Friday, and Apple said it expects the $1,000 phone to make this holiday season its best quarter ever. Apple shares rose $4.39, or 2.6 percent, to $172.50.

On the losing side was American International Group, which fell to one of the sharpest losses in the S&P 500 after it reported weaker results for the latest quarter than analysts expected. The insurer’s shares dropped $2.98, or 4.6 percent, to $62.00.

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