Dow Ends Week By Setting New Record High – Acadiana Business Index
- The Dow set at a new record high for the 21st time this year as it gained 121 points to 15354. The S&P 500 Index also closed at a fresh all-time high as it advanced 15 points to 1666. The NASDAQ was higher by 33 points to 3498, its best level since October 2000.
- Following Thursday’s round of profit taking, investors returned to the risk-trade amid signs of an improving economy.
- The leading indicators index rebounded in April to the best reading since last February and a gauge of consumer sentiment unexpectedly surged to the highest level since July 2007.
- As a result, every sector gained ground. Energy and Financials led the market higher as Halliburton rallied 3% to $45.17 and JPMorgan gained 2.5% to $52.22. The Industrials group was also a notable performer as Boeing rose 2.3% to $98.83.
- Now focus turns to next week’s FOMC statement as members of the Fed continue to debate over the pace of its bond-buying program.
- Friday’s gains helped the major averages post their fourth consecutive week of gains. The Dow finished with a weekly advance of over 1.5%, the S&P 500 nearly gained 2% and the NASDAQ rose 1.8%.
- NYSE Composite volume totaled over 3.4 billion shares. On the NYSE, advancers beat decliners by 3-1 on issues and by 4-1 on volume. The NASDAQ was 2-1 positive on issues and 7-2 positive on volume.
- In fixed-income, Treasuries were down for the third time this week. The 10-year note lost 20/32 to yield 1.95% and the 30-year bond fell over a full point to yield 3.17%.
For the complete report, click Ken's Market Report.