This article was originally published on this site
Wall Street is back to its winning ways.
All three major US equities indices closed out the week with new record highs and weekly gains, shaking off lukewarm data and geopolitical tremors to end on an upbeat note.
The S&P 500 crossed the 2,500 for the first time ever to hit a new record high of 2,500.23. That brought its weekly gain to 1.56 per cent, its best five-day run since January and reversing last week’s loss. Telecoms, industrials and financials led the way, while the healthcare sector ended the day in the red.
The Nasdaq Composite added 0.3 per cent to 6,448.47 on Friday, nearly clawing back its losses from a day earlier but failing to match the two straight record closing highs it notched earlier in the week. For the week, the index gained 1.37 per cent, flipping back into the black after last week’s loss.
The Dow Jones Industrial Average, meanwhile, continued to soar higher on the back of aerospace giant Boeing, which finished the day up 1.5 per cent and 4.3 per cent higher for the week. The Dow closed up 0.29 per cent to 22,268.34, its fourth straight closing record high of the week.
On a weekly basis, the Dow gained 2.16 per cent, its best five-day gain since December.
The positive performance comes despite weaker-than-expected economic data released earlier in the day, a terrorist attack in London and the latest North Korea missile launch Thursday evening. Wall Street is looking ahead to next week, when the Federal Reserve is set to meet and is widely expected to leave interest-rates unchanged while possibly offering new details on its plans to unwind its massive balance sheet.