Rising tech stocks send S&P 500 to record high

The index finishes its eighth straight week of gains, the longest such streak in nearly four years.

Another spurt higher for Apple and other technology stocks helped the Standard & Poor’s 500 set a new record on Friday, and the index closed out an eighth straight week of gains — its longest weekly winning streak in nearly four years.

It was another mostly calm day for markets after a report showed that the U.S. job market strengthened last month, though not by as much as expected. Bond yields held relatively steady, stock markets around the world rose modestly and the price of oil climbed to its highest level in more than two years.

Technology stocks led the way, as they have for most of this year.

Apple was at the forefront, rising 2.6% to $172.50 after it reported stronger revenue and earnings for the latest quarter than analysts forecast. A new iPhone model debuted Friday, and Apple said it expects the $1,000 phone to make this holiday season its best quarter ever.

On the losing side was American International Group, which fell 4.6% to $62 — one of the sharpest losses in the S&P 500 — after the insurer reported weaker results for the latest quarter than analysts expected.

AIG was an outlier in what has been a better-thanexpected earnings season. Most companies have delivered higher profits for the July-through-September quarter than Wall Street had forecast, with growth particularly strong for the technology sector.

Molina Healthcare jumped 14.8% to $79.18 after the health insurer and Medicaid program company, based in Long Beach, reported a better quarter than analysts expected.

Pandora Media dived 24.6% to $5.59 after the music streaming service reported weak revenue and said that users spent less time listening to its music and that it sold fewer ads.

Sears Holdings fell 4.8% to $5.17 after the ailing retailer said it will close another 63 stores as it tries to turn around its business.

Mostly encouraging reports on the economy bolstered expectations that the Federal Reserve will raise interest rates at its next meeting in December.

The Fed is slowly reining in the stimulus it provided the economy after the Great Recession. Besides gradually raising interest rates, it’s also trimming its bond-investment portfolio. Economists expect the slow pace to continue, even as a new chairman arrives. President Trump has nominated Jerome H. Powell to succeed Janet L. Yellen, whose term expires in February.

Interest rates held relatively steady. The yield on the 10-year Treasury note dipped to 2.33% from 2.35% late Thursday. The two-year yield was unchanged at 1.61%, and the 30-year yield slipped to 2.81% from 2.83%.

In the commodities market, benchmark U.S. crude jumped $1.10 to $55.64 per barrel, its highest settlement price since July 2015. Brent crude, the international standard, rose $1.45 to $62.07.

Natural gas rose 5 cents to $2.98 per 1,000 cubic feet, heating oil advanced 3 cents to $1.89 per gallon and wholesale gasoline climbed 2 cents to $1.79 per gallon.

Gold fell $8.90 to $1,269.20 per ounce, silver declined 30 cents to $16.83 per ounce and copper dropped 3 cents to $3.12 per pound.