U.S. market indexes were higher on Friday and finished the week with gains. For the day the Dow Jones Industrial Average closed at 18570.85 for a gain of 53.62 points or 0.29%. The S&P 500 was also higher, closing at 2175.03 for a gain of 9.86 points or 0.46%. The Nasdaq Composite closed higher at 5100.16 for a gain of 26.26 points or 0.52%. Both the S&P 500 and Nasdaq reported new highs. The VIX Volatility Index was lower at 11.99 for a loss of -0.75 points or -5.89%.
In the Dow Jones Industrial Average, the following stocks led gains for the day:
Microsoft (MSFT, Financial) 1.38%
American Express (AXP, Financial) 1.34%
For the week the Dow Jones Industrial Average finished higher by 0.28% and the S&P 500 was higher by 0.60%. The Nasdaq was also higher for the week gaining 1.4%.
Stocks managed to report additional gains on Friday with economic factors and a positive outlook on earnings helping to improve valuations. The day’s two leading economic indicators were the PMI Manufacturing Index Flash Report and the Baker-Hughes Rig Count. The PMI Manufacturing Index Flash Report increased to 52.9 from 51.4. The Baker-Hughes Rig Count Report showed the North American rig count increasing to 564 from 542.
Technology was one of the market’s leading sectors and the Nasdaq closed at a new high for the day. The Nasdaq 100 was also higher at 4666.07 for a gain of 19.06 points or 0.41%. In technology, stocks leading gains on Friday included:
Vodafone (VOD, Financial) 4.09%
American Airlines Group Inc. (AAL, Financial) 4.00%
NVIDIA (NVDA, Financial) 2.72%
Citrix Systems Inc. (CTXS, Financial) 2.18%
With both the S&P 500 and Nasdaq reaching new highs, investors are questioning whether the market has further to run. In a CNBC market report Friday, market specialists discussed the market’s valuations with insight on how investors should trade for the short-term.
Disclosure: I do not directly own any stocks included in this article.
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