S&P 500 notches another record

Index up 0.3% even though most of its stocks weakened.

NEW YORK — The S&P 500 ticked higher to close at another alltime high Friday, powered by strength for technology stocks and a couple of reports on the U.S. economy that were better than expected.

The benchmark index rose 11.65 points, or 0.3%, to 3,397.16, even though the majority of stocks in the index weakened. The Dow Jones Industrial Average climbed 0.7%, and the Nasdaq composite added 0.4%.

The S&P 500 surpassed its prior closing high of 3,389.78, which was set Tuesday after the index erased the last of its historic losses from the coronavirus pandemic. The index rose 0.7% for the week, the seventh gain for the index in the last eight weeks, but the last two have been the most modest during that stretch.

The economy has shown some signs of stalling recently, with Friday’s reports from Europe the latest reminder that a steady rise in coronavirus cases may be undermining growth. They follow a U.S. report from Thursday that showed that the number of workers applying for unemployment benefits picked up last week.

But the picture remains mixed. A separate report from IHS Markit on Friday said preliminary data suggests output from the U.S. private sector is at an 18-month high. Sales of existing homes were also stronger in July than economists expected.

Those reports helped the U.S. stock market recover from declines earlier in the morning.

The yield on the 10-year Treasury dipped to 0.63% from 0.64% late Thursday.

Benchmark U.S. crude oil fell 48 cents to settle at $42.34 per barrel. Brent crude, the international standard, lost 55 cents to $44.35 per barrel.