S&P 500 limps to a new high
To say the S&P 500-stock index’s slog to a record this week failed to ignite animal spirits on Wall Street would be an understatement.
Appetite for U.S. equities evaporated even as prices inched higher, with price gains culminating in a Friday afternoon advance that left the benchmark three points above its March 1 close. Unimpressed, investors yanked more money from the biggest exchange-traded fund tracking the measure than any time since the presidential election.
From Monday through Friday, the S&P 500 rose 0.6 percent to 2,399.29, led by gains of more than 1 percent in technology and financial shares. The index is up 7.2 percent in 2017 and 12 percent since Election Day. The Nasdaq composite index climbed 0.9 percent on the Editor’s note: Our weekly composite stock listing includes 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. week to 6,100.76, while the Dow Jones industrial average gained 66.43 points to 21,006.94.
“People have shifted so quickly into bonds, and they’re probably doing it by selling equities,” said Alex Bellefleur, head of global macro research at Pavilion Global Markets. “Maybe people are looking at protection, given stocks are at all-time highs.”
The U.S. treasury will sell $39 billion of three-month bills and $33 billion in sixmonth bills Monday. They yielded 0.90 percent and 0.995 percent in when-issued trading. It will also sell $24 billion of three-year notes Tuesday, $23 billion of 10-year notes Wednesday, and $15 billion of 30-year bonds Thursday.