Stocks ended higher Friday. The Dow gained 133 points to 25790. The S&P 500 climbed 17 points to 2874 and the Nasdaq Composite added 67 points to 7945.
The S&P 500, Nasdaq Composite, and Russell 2000 indexes closed at all-time highs amid geopolitical and central bank updates. After little progress was made in the two-day trade summit between the U.S. and China, investors shifted their attention to the Federal Reserve’s Jackson Hole symposium. In a speech today, Fed Chair Jerome Powell stated gradual rate increases remain appropriate given the strength of the U.S. economy. On the data front, an update from the Commerce Department revealed durable goods orders fell 1.7% in July.
Ten of 11 S&P 500 sectors finished in positive territory with the Materials sector pacing gains. Technology shares also outperformed and Netflix added 5.8% to $358.82 following an analyst upgrade. In earnings, Autodesk jumped 15.3% to $157.20 after topping analyst projections. Meanwhile, Gap fell 8.6% to $29.65 after the clothing retailer released disappointing forward guidance.
Breadth was positive on issues by 5:2 on the NYSE and by 3:2 on the Nasdaq. Composite NYSE Volume was more than 3.5 billion shares.
Treasuries were modestly higher with the yield on the benchmark 10-year note down one basis point to 2.81%. In commodities, WTI crude added 1.2% to $68.62/barrel, snapping its longest weekly losing streak since 2015. COMEX gold added 1.6% $1206.30/ounce as the U.S. Dollar Index lost 0.5%.
For the week, the Dow added 0.5% while the S&P 500 climbed 0.9%. The Nasdaq Composite jumped 1.7%.