Major U.S. stock indexes closed at record highs on Friday, with the S&P 500 ending above 3,000 for the first time. The market was driven higher by technology, consumer discretionary and industrial company stocks, which more than offset the drop in drugmakers.
Investors continued to remain focused on the Federal Reserve. The Fed is expected to cut its benchmark interest rate later this month for the first time in more than a decade to help counter slowing economic growth caused by various trade disputes.
Investors have bet heavily that the Fed is moving that direction, moving stock and bond yields higher in the last two weeks.
The S&P 500 rose 13.86 points, or 0.5%, to 3,013.77.
The Dow gained 243.95 points, or 0.9%, to 27,332.03.
The Nasdaq composite rose 48.10 points, or 0.6%, to 8,244.14.
The Russell 2000 index of smaller company stocks added 12.08 points, or 0.8%, to 1,570.00.
For the week:
The S&P 500 closed up 23.36 points, or 0.8%.
The Dow rose 409.91 points, or 1.5%.
The Nasdaq added 82.36 points, or 1%.
The Russell 2000 fell 5.63 points, or 0.4%.
For the year:
The S&P 500 is up 506.92 points, or 20.2%.
The Dow is up 4,004.57 points, or 17.2%.
The Nasdaq is up 1,608.87 points, or 24.2%.
The Russell 2000 is up 221.44 points, or 16.4%.
The Associated Press