The Dow Jones Industrial Average didn't hit 17,000 today. But at today's closing bell, the Blue Chip benchmark and the S&P 500 index both ended the week with new record closes.
U.S. stocks edged higher Friday amid continued optimism around central-bank accommodation.
The Dow Jones Industrial Average closed at 16,947.08, rising 25 points, or 0.15%, led by gains in shares of Caterpillar (CAT), Merck (MRK) and Johnson & Johnson (JNJ). The benchmark closed above its previous record of 16,945.92 hit on June 10.
The S&P 500 index added three points, or 0.17%, to close at 1,962.87. The Nasdaq Composite gained eight points, or 0.2%, to close at 4,368.
Hopes for slow-but-steady improvement in the U.S. economy and an accommodative Federal Reserve strengthened bullish market sentiment this week. Comments by Fed Chairwoman Janet Yellen Wednesday reinforced the view that the central bank isn't in any rush to hike interest rates. That policy has buoyed stocks in recent years.
The yield on the 10-year Treasury note—which moves inversely to prices— rose up to 2.634% from Thursday’s 2.622%.
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Gold futures added 0.2% to end the day at $1,316.20 an ounce, after surging up 3.2% yesterday. Crude-oil futures rose 0.6% to $106.70 a barrel. The dollar inches up verses the euro and the yen.
European markets were little changed. Asian markets were mixed. Japan’s Nikkei Stock Average slipped 0.1% and suffered the first weekly loss in four weeks and China’s Shanghai Composite edged up 0.1%.
In corporate news:
Oracle (ORCL) slid 3.98% to close at $40.82 after disappointing sales of new software licenses led to a disappointing fiscal-fourth-quarter earnings report. U.K. drug maker Shire (SHPG) climbed 16.26% to close at $222.89 after the company rejected an offer from U.S. rival AbbVie (ABBV) to buy the company for about $46.35 billion. AbbVie fell 1.64%. CarMax (KMX) rose 16.5% to close at $52.75 after the company reported bigger-than-expected fiscal first-quarter earnings and revenue. Darden Restaurants (DRI) dropped 3.92% to close at $47.58 after the casual-dining restaurant operator reported fiscal fourth-quarter earnings and revenue that missed estimates, as sales at its Olive Garden and Red Lobster chains continued to decline.
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