Stocks power to fresh records

The Washington Post Sunday - - MARKETS -

U.S. stocks climbed for the fourth week as fi­nan­cial com­pa­nies ral­lied, eco­nomic data beat ex­pec­ta­tions and cor­po­rate earn­ings con­tin­ued to show profit growth.

Banks posted their big­gest five-day gain this year as the 10-year yield climbed and Fed­eral Re­serve chair Janet L. Yellen told Congress more in­ter­est-rate in­creases would be ap­pro­pri­ate if the econ­omy stays on course.

The Stan­dard & Poor’s 500-stock in­dex added 1.5 per­cent to a record 2,351.16. The Dow Jones in­dus­trial av­er­age jumped 1.7 per­cent to 20,624.05. The Nas­daq Com­pos­ite In­dex ended the week at an all-time high as health-care and phone stocks ral­lied.

Stephen Auth, the chief in­vest­ment of­fi­cer of equities at Fed­er­ated In­vestors, said that while the rally is “start­ing to feel overex­tended,” the firm’s “fun­da­men­tal bullish view” is un­changed. “The Trump rev­o­lu­tion has changed mar­ket psy­chol­ogy,” he wrote in a re­search note Fri­day. Fi­nan­cial com­pa­nies have been crit­i­cal to the rally, as in­vestor fo­cus turns to the prospect of tax cuts.

The U.S. Trea­sury will sell $34 bil­lion in three-month bills and $28 bil­lion in six­month bills Tues­day. They yielded 0.52 per­cent and 0.66 per­cent in when-is­sued trad­ing. It will also sell $35 bil­lion in four-week bills and $26 bil­lion in two-year notes. On Wed­nes­day and Thurs­day, it will sell $34 bil­lion in five-year notes and $28 bil­lion in seven-year notes, re­spec­tively.

Ed­i­tor’s note: Go­ing for­ward, our weekly com­pos­ite stock list­ing high­lights com­pa­nies based in Wash­ing­ton or with a strong pres­ence here. The rest of the ta­ble shows firms as ranked by mar­ket cap­i­tal­iza­tion. And we’ve added year-to-date data be­cause read­ers told us it would be use­ful.

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