Stocks continue their advance
U.S. stocks advanced for the sixth consecutive week as economic data sailed past forecasts and shares of financial companies rose with higher bond yields.
So strong were signals on growth in the United States and beyond that investors were left almost completely unfazed by the surging odds of a Federal Reserve interest rate increase. Fed Chair Janet L. Yellen on Friday capped the week of rising expectations by explicitly supporting a hike if economic progress persists.
The benchmark gauge for American equity added 0.7 percent over the five days to end the week at 2,383.12. Helped by President Trump’s speech to Congress, the index briefly crossed 2,400 for the first time on Wednesday, before closing that session, the best of the year, at a record 2,395.96. The Dow Jones industrial average climbed 0.9 percent to end the week 21,005.71 as small-cap shares finished lower for a second week.
Financial stocks were the biggest winners on the week, advancing 2 percent after posting the biggest single-day jump since Nov. 10 on Wednesday.
The U.S. Treasury will sell $30 billion in three-month bills and $24 billion in sixmonth bills on March 6. They yielded 0.72 percent and 0.82 percent, respectively, in when- issued trading. It will also sell fourweek bills and $24 billion in three-year notes on March 7.