Stocks wrap up 11 days of gains
Friday.It isn’t For overthe secondtill it’s time over. in Especiallytwo weeks, ona final-hour ramp in the Standard & Poor’s 500-stock index turned it green for bulls, with the benchmark equity gauge jumping 6 points in a little over 30 minutes to close with a 0.1 percent advance and help preserve a fifth weekly gain.
“The machines kicked in and brought all the averages positive at the close,” Andrew Brenner, head of international fixed income for National Alliance Capital Markets, wrote in a note to clients. “We think markets move big time next week off the Trump speech Tuesday.”
The benchmark index ended the week at a record 2,367.34, while the Dow Jones industrial average added 198 points in the five days to end at 20,821.76 after an 11-session climb, tied for the longest since 1987.
The post-election rally in U.S. stocks continued for a fifth week, although at a different temperature. Earlier leaders of the so-called “Trump trade,” energy stocks and banks, surrendered leadership to more typical defensive companies, from utilities to consumer staples makers.
The U.S. Treasury will sell $34 billion in three-month bills and $28 billion in sixmonth bills Monday. They yielded 0.5 percent and 0.66 percent in when- issued trading. It will also sell four-week bills and $20 billion in 52-week bills Tuesday.