S&P Nudges to Record High
The S&P 500 scaled to a fresh record high on Friday, adding to its weekly gains, thanks to gains in tech.
The Dow Jones Industrials gave back 142.27 points to start the week’s final session at 44,340.21
The much-broader index eked higher 3.38 points to 6,300.74
The NASDAQ Composite acquired 11.75 points to 20,897.40.
For the week, the S&P 500 is up 0.8%, while the NASDAQ and Dow have advanced 1.8% and 0.2%, respectively. Investors this week have been poring through the latest corporate earnings reports.
About 60 S&P 500 companies have posted second-quarter results thus far. Of those, 86% have beaten analyst expectations.
On Thursday, PepsiCo and United Airlines shares both popped after the respective companies beat analyst estimates on earnings. Those follow solid results from big banks like JPMorgan and Goldman Sachs earlier in the week.
Netflix on Thursday reported better-than-expected earnings on Thursday, but shares slid 4%. Shares of 3M were also down slightly despite the company posting an earnings beat.
Data pointing to a strong U.S. economy also lifted the major stock benchmarks this week.
Prices for the 10-year treasury lost ground, pushing yields up to 4.43% from Thursday’s 4.46%. Treasury prices and yields move in opposite directions.
Oil prices added 75 cents to $68.29 U.S. a barrel.
Gold prices advanced $18.10 to $3,363.40 U.S. an ounce.
