Business

Wall Street Market Report

(Close): The Dow Jones and S&P 500 eased to new record highs on Friday, and ended the week up more than 1%.

The S&P 500 gained 3.39 points, or 0.2%, to 1,962.8 - the third consecutive record high. The Dow Jones rose 25.62 points, or 0.15%, to 16,947.

The tech-heavy Nasdaq rose 8.7 points, or 0.2%, to 4,368.04.

A big riser was car retailer Carmax, up 16.50% after its first-quarter earnings beat analysts' expectations.

Drugmaker AbbVie fell 1.64% on the back of its bid for UK rival Shire.

Software firm Oracle was among the biggest losers. Its shares fell 3.98% after its quarterly results fell short of Wall Street's forecasts.

On a light day for US economic data, investors were mostly focused on companies in the news. "Generally speaking, any big movements will come when we start earnings season in a couple of weeks,'' said Drew Wilson, equity analyst with Fenimore Asset Management. "Until then, it'll be hand-to-hand combat in the indexes."

The Federal Reserve's comments have helped nudge the market higher this week, reassuring investors that the central bank intends to continue keeping short-term interest rates low, a policy that's helped make stocks more attractive.

"The markets would have reacted even better than they have so far if the Iraq issue wasn't hanging over the market," said Krishna Memani, chief investment officer at Oppenheimer Funds

The S&P 500 is now up 6.2% for the year, while the Dow is up 2.2%.

Meanwhile, US oil prices moved to a fresh nine-month high of $107.26 a barrel as tensions in Iraq showed no signs of abating.

Related Topics