US stocks end up after economic data

Published: October 14, 2017 11:19:45 | Updated: October 25, 2017 04:25:27


File Photo (Reuters)

US stocks rose on Friday following upbeat economic data and gains in technology shares, pushing the Dow and the S&P 500 to a fifth straight week of gains.

Data showed US retail sales jumped in September, and the University of Michigan’s consumer sentiment index hit its highest since January 2004, reports Reuters.

Another report showed consumer prices recorded their biggest increase in eight months as hurricanes Harvey and Irma boosted demand but underlying inflation remained muted.

Netflix shares closed 1.9 per cent higher after hitting an intraday record high at $200.82 on a slew of price target increases ahead of its earnings report on Monday.

Apple up 0.6 per cent, gave the S&P 500 its biggest boost, while the S&P technology index was up 0.5 per cent. Shares of big banks were mixed following reports from Bank of America and Wells Fargo.

The CBOE volatility index remains at historically depressed levels, closing at 9.61 on Friday.

The Dow Jones Industrial Average rose 30.71 points, or 0.13 per cent, to end at 22,871.72, and the S&P 500 gained 2.24 points, or 0.09 per cent, to 2,553.17.

The Nasdaq Composite added 14.29 points, or 0.22 per cent, to 6,605.80, a record closing high.

For the week, the Dow was up 0.4 per cent and the S&P 500 was up 0.2 per cent. The Nasdaq rose 0.2 per cent for the week, registering a third week of gains.

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