Dow, S&P 500 push further into record territory

The US stock market closed out its 5th straight week of gains with another record high on Friday. The Dow Jones industrial average and Standard & Poor’s 500 index carved out all-time highs, extending the market’s gains for the week. It was the third record close for the Dow in the week and the fourth for the S&P 500, reports BBC. The latest records extended a comeback in the S&P 500, which has increased 11 per cent since plunging in mid-October. A strong third-quarter earnings season, on top of a recent string of positive US economic data on housing, jobs and manufacturing, have helped put investors in a buying mood. Investors on Friday cheered news of an interest rate cut in China and the possibility that Europe's central bank will step up stimulus efforts in the region. All 10 sectors in the S&P 500 index rose, with materials stocks climbing the most. The sector is up 9 per cent this year. Ross Stores led the gains in the S&P 500, adding $6.09, or 7.3 per cent, to $89.30. All told, the S&P 500 index rose 10.75 points, or 0.5 per cent, to 2,063.50. That's just above the index's previous high close a day before at 2,052.75. The S&P 500 is up 11.6 per cent this year. The Dow gained 91.06 points, or 0.5 per cent, to 17,810.06. That's up from its last record close of 17,719 on Thursday. The Dow as gained 7.4 per cent this year. The Nasdaq composite added 11.10 points, or 0.2 per cent, to 4,712.97. The index is up 12.8 per cent for the year, according to BBC.