US stocks end at record highs

Dhaka,  Wed,  07 December 2016
Published : 26 Nov 2016, 10:09:31

US stocks end at record highs

US stocks end at record highs
US stocks closed at record highs on Friday, helped by gains in consumer staples and technology stocks as investors hunted for bargains in a post-election rally.

The stock markets closed early for Black Friday, while trading volumes were thin.

The three major indexes closed higher for the third week in a row, extending their rally since the US election. The S&P 500 marked its seventh record close since Nov 8.

However, the defensive consumer staples and utilities sectors have been the worst performers in that period.

The consumer staples sector gave the S&P 500 the biggest boost on Friday, closing up 0.79 percent, led by gains in Procter & Gamble and Coca-Cola.

The Dow Jones Industrial Average rose 68.96 points, or 0.36 per cent, to 19,152.14.

The S&P 500 gained 8.63 points, or 0.39 per cent, to 2,213.35 and the Nasdaq Composite added 18.24 points, or 0.34 per cent, to 5,398.92.

For the week, the Dow and the Nasdaq gained 1.5 per cent and the S&P 500 gained 1.4 per cent.

Ten of the 11 major S&P sectors closed higher Friday, led by a 1.43 per cent rise in utilities.

The technology sector rose 0.37 per cent, boosted by Cisco and Apple.

The energy sector closed down 0.39 per cent, due to a 2.8 per cent drop in oil prices amid uncertainty that the OPEC would arrive at a decision to cut production during a meeting next week. 

Johnson & Johnson closed up about 1.0 per cent after the company confirmed that it was in talks to acquire Swiss biotechnology company Actelion.

About 2.96 billion shares changed hands on US exchanges on Friday compared with the 7.88 billion average for the last 20 sessions.

Advancing issues outnumbered decliners on the NYSE by 1,840 to 999. On the Nasdaq, 1,728 issues rose and 965.

The S&P 500 index posted 46 new 52-week highs and no new lows, while the Nasdaq recorded 276 new highs and 12 new lows, according to a news agency report.

-SRS-
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