By Sinead Carew
NEW YORK — The SP 500 index closed at a record high Friday, as energy shares gained with oil prices, while the Nasdaq composite index hit a 15-year high helped by technology stocks.
Equities rallied this week after a ceasefire agreement between Ukraine and Russia and apparent progress toward a deal on Greek debt.
It’s possible there’s a sentiment that technology is turning the corner.
The Nasdaq had the strongest gains of the three main indexes Friday. A strong report by Cisco Systems (CSCO) earlier in the week led some investors to conclude that technology demand is improving, said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois.
“It’s possible there’s a sentiment that technology is turning the corner,” he said.
The market gained momentum late in the session after many traders had held off on making big bets earlier in the last trading day before a long weekend. U.S. markets are closed Monday for the Presidents Day holiday.
The Dow Jones industrial average (^DJI) rose 46.97 points, or 0.26 percent, to 18,019.35, the Standard Poor’s 500 index (^GSPC)gained 8.51 points, or 0.41 percent, to 2,096.99, a record high. The Nasdaq composite (^IXIC) added 36.22 points, or 0.75 percent, to 4,893.84.
The Russell 2000 index (^RUT) of small-cap shares also finished at a record high.
For the week, the Dow rose 1.1 percent, the SP 500 gained 2 percent and the Nasdaq added 3.2 percent.
Oil Tops $60
The SP energy sector closed up 1.95 percent as oil topped $60 for the first time in 2015 despite persistent worries about oversupply.
In contrast, the SP utilities sector was the worst performer, falling 1.6 percent, closing down for the third day in a row. Many investors are leaving safe-haven utilities stocks as they anticipate U.S. Federal Reserve interest rate increases later this year.
American Express (AXP) weighed on the SP index with a 3 percent decline. Several brokerages slashed price targets for the company after Costco (COST) said it would stop accepting American Express cards in its U.S. stores.
Of the 391 SP 500 companies that have reported earnings, about 71.1 percent have topped profit expectations, according to Thomson Reuters (TRI) data, while 57.5 percent have beaten on revenue.
The earnings growth rate for the quarter is 6.6 percent, down from the 11.2 percent expected on Oct. 1, but up from 4.2 percent expected on Jan. 1.
U.S. import prices tumbled 2.8 percent in January, the largest decline since December 2008 and the seventh straight month of declines, indicating inflation pressures could remain subdued, while consumer sentiment fell from an 11-year high.
About 6.5 billion shares changed hands on U.S. exchanges, below the 7.3 billion average so far this month, according to BATS Global Markets.
NYSE advancers outnumbered decliners 1,919 to 1,146, for a 1.67-to-1 ratio; on the Nasdaq, 1,726 issues rose and 983 fell, a 1.76-to-1 ratio.
The SP 500 posted 76 new 52-week highs and 1 new low; the Nasdaq composite recorded 111 new highs and 29 lows.
What to watch Monday
- U.S. stock and bond markets are closed for Washington’s Birthday.