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S&P 500 snaps 6-week string of gains even as stocks rise


 

U.S. stocks shook off a midday stumble to finish slightly higher Friday, though the modest rebound was not enough to keep the S&P 500 from breaking its longest stretch of weekly gains in two years.

Banks, health care stocks and companies that rely on consumer spending powered much of the rebound, outweighing losses in technology, real estate and other sectors. Oil prices fell.

Markets around the world churned this week on uncertainty about whether the United States and China can soon halt their trade dispute. New U.S. tariffs are set to hit Dec. 15 on many Chinese-made items.

Even with the run of selling this week, major indexes remained close to the all-time highs they set during steady, six-week upward move. The benchmark S&P 500 ended the week within 0.4% of its record high set on Monday.

“Investors are basically saying the market is overbought,” said Sam Stovall, chief investment strategist at CFRA.

The S&P 500 rose 6.75 points, or 0.2%, to 3,110.29. It had earlier been up 0.3% and then down 0.1%. 

The Dow Jones Industrial Average gained 109.33 points, or 0.4%, to 27,875.62.

The Nasdaq composite added 13.67 points, or 0.2%, to 8,519.88.


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