Stock in­dexes close out hol­i­day week at new highs

Daily Freeman (Kingston, NY) - - KICKOFF -

Stocks hit fresh records in a short­ened trad­ing ses­sion Fri­day as in­vestors con­tin­ued to bet on a pickup in eco­nomic growth and ris­ing cor­po­rate prof­its.

The gains were mod­est but broad, with nearly ev­ery sec­tor in the Stan­dard & Poor’s 500 in­dex ris­ing. Util­i­ties rose the most, up 1.4 per­cent.

In­dexes have been ris­ing since the pres­i­den­tial elec­tion, and the close on Fri­day capped a third week in a row of S&P 500 gains. The in­dex is up 4 per­cent so far this month.

In­vestors an­tic­i­pate that plans by Pres­i­dent-elect Don­ald Trump to cut taxes, re­duce reg­u­la­tions and spend on in­fra­struc­ture will speed eco­nomic growth. In­vestors also are re­act­ing to re­cent signs of a pickup in growth in sev­eral other ma­jor economies around the world, said Jim Paulsen, chief in­vest­ment strate­gist for Wells Cap­i­tal Man­age­ment.

“We haven’t had a syn­chro­nized bounce in growth across the globe ever in this re­cov­ery” Paulsen said. “This is the first time you’re get­ting all the eco­nomic boats go­ing north at the same time, and I think stock markets are re­flect­ing that.”

The Dow Jones in­dus­trial av­er­age rose 68.96 points, or 0.4 per­cent, to 19,152.14. The S&P 500 climbed 8.63 points, or 0.4 per­cent, to 2,213.35. The Nas­daq com­pos­ite added 18.24 points, or 0.3 per­cent, to 5,398.92. All three clos­ings were new records.

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