Stocks finished mixed Friday. The Dow climbed 86 points to 26743, while the S&P 500 lost 1 point to 2929. The Nasdaq Composite fell 41 points to 7986.
The Dow extended gains, and closed for the second consecutive day at a record high amid easing geopolitical tensions. Trading volume was higher than normal, as fund companies and ETF providers rebalance their products to account for the new upcoming GICS sector reclassification. Additionally, today’s session fell on a “quadruple witching day,” in which futures and options on indexes and individual stocks expire on the same day.
On the data front, preliminary PMI readings from research firm Markit showed the pace of manufacturing is accelerating slightly more than expected in September, while the services sector is expanding at the slowest pace since March 2017.
Six of 11 S&P 500 sectors ended the session in positive territory with Telecom, Energy and Utilities shares pacing gains. Technology shares lagged as Micron slipped 2.9% to $44.74 after the chipmaker topped profit forecasts, but warned the trade dispute could negatively impact future profits and demand.
Breadth was even on the NYSE and negative on issues by 9:7 on the Nasdaq. Composite NYSE Volume was more than 7.0 billion shares.
Treasuries were mixed, with the yield on the 10-year note down one basis point to 3.06%. In commodities, WTI crude gained 0.7% to $70.83/barrel. COMEX gold lost 0.6% to $1198.90/ounce amid a stronger dollar.
For the week, the Dow gained 2.3%, the S&P 500 added 0.9% and the Nasdaq Composite fell 0.3%.