Stocks Close Week with Small Gains, But off All-Time Highs

Wall Street stocks end with small gains for the week, but off all-time highs
It was a fairly listless week on Wall Street with individual stocks moving on news specifically related to those companies, but not much movement in the market as a whole. Both the Dow Jones industrial average and the S&P 500 index failed to end the week at new record highs, but both are still within striking distance at less than 0.1% off of their all-time highs. This places them in position to set new records in the week to come with positive market news.

On Friday, the Dow gained 5.71 points (0.03%) to end the week at 16,851.84. That was down 95.24 (0.06%) points from the record close last Friday at 16,947.08.

The S&P 500 closed the day with a modest gain of 3.74 points (0.19%) to end the week at 1,960.96. That was 1.91 (0.01%) points lower than the record close of 1,962.87 at the end of last week.

The Nasdaq Composite ended the week with a solid 18.88 point gain (0.43%), to reach 4,397.93. While not a new record high for the Nasdaq, it finished the week 37.89 (0.7%) points higher than it had been the previous week, and the highest level it’s been at in 14 years. This, however, is still well below its all-time high of over 5,000, which came about during the dot-com bubble.

Technology shares tried to bring the S&P 500 to a new record with its technology index rising 0.6% for the day, helped along by Apple, which reached $91.98, an increase of 1.2%. Another bright spot was Nike, which ended the day at $77.68, a 1.1% increase bolstered by the announcement that fourth-quarter earnings were better than expectations had been.

These gains were dampened by DuPont, which became the latest company to announce a cut to its operating profit forecast for both the second quarter and the full year. That news lead to the stock falling to $65.44, or a 3.3% decrease.

Currently the stock market is in a holding position, reacting to news of individual stocks, but not the market as a whole. This should change in the next couple of weeks when the latest earnings period will begin, and companies will announce their standings. This will give a much better indication to investors whether or not the economy is picking up, and if company profits are once again on the rise.

(Photo courtesy of Peter Kaminski)

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2 Responses to Stocks Close Week with Small Gains, But off All-Time Highs

  1. dave says:

    I predict we’ll see some new stock market records next week. I also see the S&P 500 breaking 2000 by the end of the year.

  2. steve says:

    actually, on average the market makes a new high every 18 trading days with an average annual return of 9% (not including dividends and dividends reinvesting) for the last 40 years. in 1975 the market traded at 600ish points. today we are at 17,000-ish. given the standard annual of 9% we are on course for the market to be at 500,000 points in 40 years. astonishingly 80 years the market will have moved from 600 points to 500,000 and it so within one average lifespan!

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