US stocks rally: S&P 500 notches third straight weekly gain

Published: April 13, 2019 12:09:59 | Updated: April 15, 2019 12:12:16

US stocks notched solid gains on Friday, erasing most of the losses the market sustained after an uneven week of trading.

The strong finish gave the S&P 500 its third straight weekly gain. The benchmark index is now just under 1.0 per cent from its most recent all-time high set on September 20.

The S&P 500 index rose 19.09 points, or 0.7 per cent, to 2,907.41. The Dow Jones Industrial Average climbed 269.25 points, or 1 per cent, to 26,412.30. The average still finished slightly lower for the week.

The Nasdaq composite gained 36.80 points, or 0.5 per cent, to 7,984.16. The Russell 2000 index of smaller-company stocks picked up 5.66 points, or 0.4 per cent, to 1,584.80.

Bond prices fell. The yield, on the benchmark 10-year Treasury, rose to 2.56 per cent from 2.50 per cent late Thursday.

Indexes in Europe and Asia closed broadly higher, reports AP.

In addition to banks, technology, communications and industrial companies helped lift US stocks Friday.

Health care was the only sector to lose ground. So far this year, it’s lagging the other 10 sectors in the S&P 500.

Energy futures closed mostly higher. Benchmark US crude rose 0.5 per cent to settle at $63.89 a barrel. Brent crude gained 1.0 per cent to close at $71.55 a barrel.

Wholesale gasoline added 0.3 per cent to $2.04 a gallon, heating oil picked up 0.2 per cent to $2.07 a gallon and natural gas dropped 0.2 per cent to $2.66 per 1,000 cubic feet.

The dollar rose to 112.08 yen from 111.66 yen on Thursday. The euro strengthened to $1.1296 from $1.1258.

Gold inched 0.1 per cent higher to $1,295.20 an ounce, silver added 0.6 per cent to $14.96 an ounce and copper rose 2.0 per cent to $2.95 a pound.

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