February 23, 2018

S&P 500 closes at record high, Nasdaq outperforms Dow Jones

15 July 2017, 09:27 | Melvin Schneider

By Kimberly Chin

By Kimberly Chin

Wall Street posted slight gains on Thursday and the Dow hit another record high close, with financials rising ahead of profit reports due Friday from several big USA banks.

The testimony boosted the Dow Jones by 0.6% to 21,532.14 - a record.

The S&P 500 index gained 11.44 points, or 0.5 percent, to 2,459.27.

Wells Fargo reported second-quarter diluted earnings per share of 1.

The Nasdaq composite outperformed the Dow and the S&P, rising 0.6 percent to close at 6,312.47.

Earlier this week, the market rose after Federal Reserve Chair Janet Yellen said future rate hikes could be gradual in the face of persistently low inflation.

The CBOE Volatility index.VIX closed at its lowest since December 1993. For the week, the Dow advanced more than 1%.

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The Dow also reached an intraday high of 21,681.53, with all but five Dow stocks closing in positive territory.

The Nasdaq's percentage gain for the week was its biggest so far this year.

The index for all items less food and energy rose 0.1 percent in June, its third straight such increase.

The S&P 500 health care index was up 0.09 percent, barely moving on news of U.S. Senate Majority Leader Mitch McConnell's unveiling of a revised health care bill.

Bank of America (BAC.N), Goldman Sachs (GS.N) and Morgan Stanley (MS.N) all are due to report results next week. Target Corp. rose 4.8 percent after an upbeat second-quarter forecast.

The Canadian dollar was trading at an average price of 78.91 cents USA, up 0.44 of a USA cent.

Advancing issues outnumbered declining ones on the NYSE by a 3.24-to-1 ratio; on Nasdaq, a 1.53-to-1 ratio favored advancers.

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