The Financial Express

Dow and S&P hit record highs

| Updated: October 22, 2017 21:02:53

Dow and S&P hit record highs

The Dow and S&P 500 hit record highs on Friday after weak economic data dulled prospects of more interest rate hikes this year.


A decline in financial shares limited the day's gains, even though JPMorgan Chase & Co and other big banks delivered quarterly results that beat Wall Street expectations.

Data showed consumer prices were unchanged in June and retail sales fell for a second straight month, pointing to tame inflation and subdued expectations of strong economic growth in the second quarter.

Chances of a rate hike in December fell to 48 per cent after the release of data, from 55 per cent late Thursday.

The S&P financials, which benefit from a rising rate environment, fell 0.5 per cent, and the group was the only one of the S&P 500 sectors down on the day.

The Dow Jones Industrial Average was up 84.65 points, or 0.39 per cent, to 21,637.74, the S&P 500 gained 11.44 points, or 0.47 per cent, to 2,459.27.

The Nasdaq Composite added 38.03 points, or 0.61 per cent, to 6,312.47.

For the week, the Dow was up 1.1 per cent, the S&P 500 was up 1.4 per cent, and the Nasdaq rose 2.6 per cent.

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