Damian J. Troise and Alex Veiga
Stocks added to their recent gains Friday, driving the S&P 500 and Dow Jones Industrial Average to new highs.
The S&P 500 rose 0.4%, led by gains in companies that rely directly on consumer spending, health care stocks and banks, which benefited from higher Treasury yields. The benchmark index notched its fourth straight weekly gain.
The gains were tempered by modest declines in technology stocks, which have been prone to pull back when bond yields move higher. Rising bond yields tend to make shares in technology companies that have had a strong runup over the past year look too expensive. Crude oil prices slipped, weighing down energy companies.
Dow Advances 165, Nasdaq Inches Up 14
The S&P 500 hit another record Friday, marking it fourth weekly gain in a row. The S&P 500 rose 0.4%, led by gains in companies that rely directly on consumer spending, health care stocks and banks, which benefited from higher Treasury yields.
By Damian J. Troise & Alex Veiga | April 16, 2021 | 5:16 p.m. ET.
Stocks added to their recent gains Friday, driving the S&P 500 and Dow Jones Industrial Average to new highs.
The S&P 500 rose 0.4%, led by gains in companies that rely directly on consumer spending, health care stocks and banks, which benefited from higher Treasury yields. The benchmark index notched its fourth straight weekly gain.
Stocks added to their recent gains Friday, driving the S&P 500 and Dow Jones Industrial Average to new highs.
The S&P 500 rose 0.4%, led by gains in companies that rely directly on consumer spending, health care stocks and banks, which benefited from higher Treasury yields. The benchmark index notched its fourth straight weekly gain.
The gains were tempered by modest declines in technology stocks, which have been prone to pull back when bond yields move higher. Rising bond yields tend to make shares in technology companies that have had a strong runup over the past year look too expensive. Crude oil prices slipped, weighing down energy companies.
Provided by Dow Jones
By Joe Wallace U.S. stocks inched higher and toward new records amid another volley of blue-chip earnings and more signs of economic growth. The Dow Jones Industrial Average rose 0.4%, its third straight day of gains and one day after it hit 34000 for the first time. The S&P 500 rose 0.2% after posting its 22nd all-time closing high of 2021 on Thursday. The Nasdaq Composite bucked the trend, down 0.2%. A strong start to earnings season from banks and other financial companies has combined with data showing the economy is growing at a rapid clip to propel stocks higher this week. Adding to the momentum: A drop in yields on U.S. government bonds that has surprised some investors in its size and speed.