Stocks end higher, giving S&P 500 its best week since July
Wall Street added to its recent gains Friday as stocks closed higher, driving the S&P 500 to its best week since July.
The latest rally came as investors welcomed encouraging quarterly report cards from several companies. Leading the way for the S&P 500 was freight deliverer J.B. Hunt Transport Services, which jumped 8.7% after reporting stronger profits for the summer than Wall Street expected. Goldman Sachs rose 3.8%, and Alcoa surged 15.2% after it beat earnings expectations and announced a dividend payment and buyback of its stock.
The positive company earnings dovetailed with a report showing people spent much more at U.S. retailers last month than Wall Street expected. Sales at stores, restaurants and other retail establishments rose 0.7% from August instead of falling, as economists forecast.
The S&P 500 rose 33.11 points, or 0.7%, to 4,471.37 for its third straight gain and ended the week 1.8% higher. The Dow gained 382.20 points, or 1.1%, to 35,294.76, and the Nasdaq rose 73.91 points, or 0.5%, to 14,897.34. The Russell 2000 index of smaller companies fell 8.52 points, or 0.4%, to 2,265.65.