More records, barely, as stocks rise for 7th day
Trader John Panin works on the floor of the New York Stock Exchange, Tuesday, May 23, 2017. Credit: AP / Richard Drew
Stocks made the tiniest of gains Friday as media companies and sellers of beauty products and food ticked higher. Major indexes added to their winning streak and record highs.
Beauty products maker Ulta rose after a strong first-quarter report and competitor and Coty climbed as well. Media companies including Comcast and Disney also advanced while video game and drug companies slipped.
The market has been steady in recent months, and with investors looking forward to the Memorial Day holiday Monday, trading was light.
It was the seventh gain in a row for the Standard & Poor’s 500 index and Nasdaq composite following their biggest loss this year.
“Investors have been conditioned over multiple years to buy the dip any time there’s a market pullback,” said Jason Draho, the head of American tactical asset allocation for UBS Wealth Management. He said that’s one reason stocks have been so steady lately.
The Commerce Department said the U.S. economy grew 1.2 percent in the first quarter, which was still weak but better than it originally estimated. Draho said that when the economy is steady, the market usually is, too.
The S&P 500 index added 0.75 points to 2,415.82. The Dow Jones industrial average dipped 2.67 points to 21,080.28. The Nasdaq composite rose 4.94 points, or 0.1 percent, to 6,210.19.
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Get ready for sun and fun with NewsdayTV's summer FunBook special! From celebrating America's 250th birthday to a new ride at Adventureland, NewsdayTV's Elisa DiStefano and Newsday lifestyle editor Meghan Giannotta have your inside look at Newsday's summer FunBook.
