By Noel Randewich
The Dow came within one point of 20,000 for the first time ever on Friday, fueled by a rise in Apple and extending a two-month rally fueled by optimism that President-elect Donald Trump's policies will bolster the economy.Apple (AAPL.O) rose 1.3 percent, helping all three major indexes, after Canada's Competition Bureau said it did not find sufficient evidence iPhone maker had engaged in anti-competitive conduct, closing a two-year investigation into the company.U.S. stocks have risen sharply since Trump won the U.S. election in November and while Friday's additional gains suggested the rally is not yet over, some investors have grown cautious."The market's advance is understandable because of the economic stimulus optimism associated with a new Trump presidency," said CFRA chief investment strategist Sam Stovall. "But parabolic market advances traditionally experience digestion of these gains, and I don't think this time will be any different."
The first record high of the year for the S&P 500 follows a U.S. Labor Department report that showed the economy added fewer-than-expected jobs last month but wages increased, suggesting resilience in the labor market.At 2:14 p.m. ET, the Dow Jones Industrial Average .DJI was up 94.45 points, or 0.47 percent, to 19,993.74 points. The index rose to as high as 19,999.63.The S&P 500 .SPX had gained 12.83 points, or 0.56 percent, to 2,281.83 and the Nasdaq Composite .IXIC had added 47.16 points, or 0.86 percent, to 5,535.09.
Nine of the 11 major S&P 500 sectors were higher, led by the technology sector's .SPLRCT 1.12 percent gain.Amgen (AMGN.O) rose 3 percent after a U.S. district judge blocked Sanofi (SASY.PA) and Regeneron (REGN.O) from selling their cholesterol drug, which Amgen said infringed its patents. Regeneron was off 5.4 percent and was the biggest percentage loser on the S&P.
Advancing issues outnumbered declining ones on the NYSE by a 1.19-to-1 ratio; on Nasdaq, a 1.05-to-1 ratio favored advancers.The S&P 500 posted 24 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 12 new lows. (Addtional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Nick Zieminski)
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Published Date: Jan 07, 2017 01:15 AM | Updated Date: Jan 07, 2017 01:15 AM