The Dow Jones Industrial Average closed at 27,332.03 on Friday with a gain of 243.95 points or 0.90%. The S&P 500 closed at 3,013.77 for a gain of 13.86 points or 0.46%. The Nasdaq Composite closed at 8,244.14 for a gain of 48.10 points or 0.59%. The VIX Volatility Index was lower at 12.32 for a loss of 0.61 points or -4.72%.
For the week, the Dow Jones gained 2.07%, the Nasdaq gained 1.76% and the S&P 500 returned 1.28%. For the year, the Nasdaq has gained 24.2%, the S&P 500 is up 20.2% and the Dow Jones has a gain of 16.1%.
Friday’s market movers
U.S. stocks closed with new record highs for a second day on Friday. The Dow Jones closed above the 27,000 milestone for the second consecutive day and the S&P 500 closed above the 3,000 milestone. Demand continued through Friday after Federal Reserve Chair Jerome Powell’s semi-annual policy update before Congress reported some concerning economic signals and reinforced the Fed’s dovish outlook along with its willingness to take policy actions to keep the economy growing.
Through the remainder of July, investors will continue to watch for Fed sentiment as officials have until July 20 before their next blackout period begins. Next week, second-quarter earnings will also begin with the big banks and several health care companies reporting.
Economic reports affecting market trading included the following:
- The Producer Price Index increased 0.1% in June and 1.7% year over year. Year over year, the Index decreased from 1.8%.
- The Core Producer Price Index, excluding food and energy, increased 0.3% in June and was unchanged with a 2.3% increase year over year.
- The Baker Hughes North American oil rig count decreased to 1,075 from 1,083.
In the S&P 500, industrials, consumer discretionary and materials led gains. In the Dow Jones Industrial Average, the following stocks led gains:
Small-cap stocks
In small caps, the Russell 2000 closed at 1,570.00 for a gain of 12.08 points or 0.78%. The S&P 600 closed at 952.53 for a gain of 8.18 points or 0.87%. The Dow Jones Small-Cap Growth Index closed at 10,115.36 for a gain of 78.63 points or 0.78%. The Dow Jones Small-Cap Value Index closed at 9,594.43 for a gain of 75.30 points or 0.79%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,960.49 for a gain of 19.86 points or 1.02%; the S&P 100 at 1,332.32 for a gain of 5.61 points or 0.42%; the Nasdaq 100 at 7,943.24 for a gain of 46.47 points or 0.59%; the Russell 3000 at 1,770.80 for a gain of 8.89 points or 0.50%; the Russell 1000 at 1,669.04 for a gain of 8.06 points or 0.49%; the Wilshire 5000 at 30,881.72 for a gain of 153.60 points or 0.50%; and the Dow Jones U.S, Select Dividend Index at 723.03 for a gain of 5.44 points or 0.76%.
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