S&P 500 limps to a new high

The Washington Post Sunday - - MARKETS -

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.

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