U.S. Stocks Climb to Records as Oil Stocks Gain With Commoditiesby
U.S. stocks advanced for the fourth time this week as indexes added to records and investors assessed President Trump’s pledge to overhaul business taxes. A rally in oil and commodity prices sent energy and materials shares higher.
The S&P 500 Index rose 0.4 percent to a record 2,316 at 4 p.m., while the Dow Jones Industrial Average rose 97 points to 20,269. The Russell 2000 Index jumped 0.8 percent and the Nasdaq Composite Index added 0.3 percent as both set new highs.
- Energy stocks up a second day, advancing 0.8%
- Financial shares pared earlier losses, ending 0.2% higher, capping a third week of gains after dropping the first three trading sessions of the week
- Real estate shares reversed losses to close 0.6% higher as consumer staples were the only group in the red for the day
- Volume slipped from the highest level in a week on Thursday, with 6.5 billion shares trading hands Friday, below the 6.7 billion average so far this year
- VIX little changed at 10.8, the lowest in two weeks
- Traders are assessing Trump’s comments that a “phenomenal” plan to overhaul business taxes may be released in the next “two or three weeks”
- With more than half of S&P 500 companies having posted earnings this season, about three-quarters beat profit estimates and roughly half beat sales forecasts, according to data compiled by Bloomberg
- After-market Friday: Knoll (KNL), Emera (EMA)
- Pre-market Monday: First Data (FDC), HCP (HCP), Dentsply Sirona (XRAY)
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