S&P, Nasdaq Hit Record on Gains in Tech, Financials

30 September, 2017, 15:54 | Author: Randy Kelley
  • The Only Sector With No Representation in the Dow Jones Industrial Average

The S&P and Nasdaq closed at records for the third straight day and the benchmark S&P index posted its sixth straight month of gains.

The PCE price index, the Federal Reserve's preferred measure of inflation, increased 0.2 percent.

Technology was the best performing of the major S&P sectors, up 0.75 percent, its fourth straight day of gains to recover from a selloff earlier in the week.

USA stocks continued to increase Friday, with both the S&P 500 and the Nasdaq closing at record highs, as investors digested a batch of released economic reports.

Markets are also focusing on the tax reform plans and what will happen to them when they enter Congress.

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A Commerce Department report showed the economy grew a bit faster than previously estimated in the second quarter, but the momentum probably slowed in the third as Hurricanes Harvey and Irma temporarily curbed activity. (GOOGL), the parent company of Google, rose 0.9%.

Western Digital fell 2.4 percent after Toshiba said it had signed an $18 billion deal to sell its chip unit to a consortium led by Bain Capital.

For Q3, the Dow climbed 4.8% and the S&P advanced 4% in their eighth straight quarterly gains, while the Nasdaq rallied 5.8% in its fifth straight quarterly rise.

Advancing issues outnumbered declining ones on the NYSE by a 1.47-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio favoured advancers.

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