Stocks Aim to End Week on Record High Note
July 12,2019 12:04 PM EST
Stocks rose on Friday as investors looked to end a record-setting week on a high note after testimony from the top Federal Reserve official signaled that a rate cut was coming.
The Dow Jones Industrial Average soared 124.06 points to 27,212.14, and hit an all-time high
The S&P 500 gained 5.88 points to 3,005.79, and also reached a record.
The NASDAQ Composite gained 30.18 points to 8,226.22
Shares of Dow, Inc. led the Dow Industrials higher, rising 3.2%. Intel climbed 1.2%, and Caterpillar, meanwhile, gained 1.7%. J.B. Hunt Transport Services was the best-performing stock in the S&P 500, jumping 5.1%, and leading a 1% gain in the industrials sector.
The major indexes were headed for slight weekly gains. Entering Friday''s session, the Dow picked up 1.1%, and S&P 500 was up 0.5%. The NASDAQ, meanwhile, was up 0.8%.
The corporate earnings season kicks off next week as major banks like J.P. Morgan Chase, Citigroup, Goldman Sachs and Bank of America are scheduled to report. Estimates for the season are downbeat, however.
Analysts expect S&P 500 earnings to have fallen by more than 2% in the second quarter.
Fed Chair Jerome Powell testified in front of congressional leaders this week that "crosscurrents" from weaker overseas economic activity and rising trade tensions are dampening the outlook on the U.S. economy.
Prices for the benchmark 10-year U.S. Treasury slid, raising yields to 2.13% from Thursday''s 2.10%. Treasury prices and yields move in opposite directions.
Oil prices acquired 15 cents to $60.35 U.S. a barrel.
Gold prices gained $3.80 to $1,409.10 U.S. an ounce.