Stocks finished higher on Friday. The Dow added 110 points to 26,026. The S&P 500 climbed 19 points to 2803 and the Nasdaq Composite rose 62 points to 7595.
The S&P 500 closed above the key 2,800 level for the first time since November as U.S. equities advanced despite mixed economic data. A report from the ISM showed U.S. manufacturing activity dipped a two-year low in February, while data on personal income and consumer sentiment also came in below expectations. A separate release showed the core PCE Deflator, which is the Fed’s preferred measure of inflation, rose 1.9% year-over-year in December, slightly below the central bank’s 2% target.
Eight of 11 S&P 500 sectors finished higher with Energy and Health Care shares leading the way. In earnings news, Foot Locker advanced 6% to $63.07 after providing positive forward guidance while Nordstrom shares declined 1.1% to $46.78 after missing analyst sales projections. Gap jumped 16.2% to $29.51 after announcing it plans to spin-off its Old Navy brand into a separate public company. Tesla was a notable decliner, falling 7.8% to $294.79, after CEO Elon Musk provided a reduced first quarter outlook.
Breadth was positive on issues by 12:7 on the NYSE and by 2:1 on the NASDAQ. Composite NYSE volume was nearly 4 billion shares.
Treasuries were lower with the yield on the 10-year note rising four basis points to 2.76%. Commodities were mostly lower with WTI crude losing 2.5% to $55.79/barrel while COMEX gold fell 1.8% to $1291.90/ounce.
For the week, the S&P 500 added 0.4%, while the Nasdaq rallied 0.9% and the Dow was essentially unchanged.