Stocks close higher as market sets latest record
Traders work on the floor of the New York Stock Exchange on Wednesday, Jan. 17, 2018. Credit: Getty Images / Spencer Platt
Investors shrugged off the potential for a federal government shutdown Friday, driving stocks higher and setting new milestones for several of the indexes.
The Standard & Poor’s 500 index, Nasdaq composite and Russell 2000 index of smaller-company stocks finished at record highs as the market bounced back from modest losses a day earlier. The S&P 500 has now posted a weekly gain in nine of the last 10 weeks.
Retailers, banks and consumer goods companies accounted for much of the latest gains. Energy stocks fell along with crude oil prices. Utilities also declined as bond yields edged up to their highest level in more than three years.
The market rally suggested that the possibility of a federal government shutdown this weekend wasn’t worrying traders.
“I don’t think it’s going to disrupt growth or make much of an impact on GDP,” said Tim Dreiling, regional investment director at U.S. Bank Private Wealth Management.
The S&P 500 index rose 12.27 points, or 0.4 percent, to 2,810.30. The Dow Jones industrial average gained 53.91 points, or 0.2 percent, to 26,071.72. The average hit a new high on Wednesday.
The Nasdaq added 40.33 points, or 0.6 percent, to 7,336.38.
Bond prices fell. The yield on the 10-year Treasury rose to 2.66 percent from 2.63 percent late Thursday.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
