The major averages rose once again led by Apple and the rest of the tech sector. The Dow Jones Industrial Average finished the session up 190 points at 27,930, gaining of 0.7%. The S&P 500 advanced 0.34% to 3,397, a new record closing high. The Nasdaq Composite climbed 0.4% to ended at a new record of 11,311.
Apple shares rose 5.1% to an all-time high, building on this week's strong gain. Deere and Foot Locker jumped 4.4% and 1.4%, respectively, on better-than-expected quarterly results.
Stronger than expected U.S. economic data also lent support. U.S. manufacturing activity hit its highest level in 19 months in August, while services were at their highest level in 17 months. Meanwhile, existing-home sales for July saw a record month-over-month spike of 24.7%. The average selling price for homes also hit an all-time high, jumping to $304,100.
Earlier this week, the S&P 500 broke above its late-February high and notched a fresh all-time high. The S&P 500 gained 0.7% for the week while the Nasdaq added over 2.5% in that time.
The lion's share of those gains has been driven by strong gains in Big Tech stocks. Apple rose 8.2% this week and became the first publicly traded company in the U.S. to reach a market valuation of $2 trillion. Amazon and Alphabet rallied over 4% this week while Microsoft gained 1.97%.
Concerns over a new coronavirus stimulus bill kept the market's gains in check Friday. House Speaker Nancy Pelosi, D-Calif., told PBS that both sides need to reach a deal on a more comprehensive stimulus package as millions struggle with being furloughed and unemployed amid the coronavirus pandemic. Pelosi's comments come as Democrats and Republicans have been at a stalemate over additional unemployment benefits that expired last month. Democrats have indicated they want to reinstate the additional assistance at the original $600-per-week rate; Republicans have offered to extend the benefits at a lower rate.
The energy sector was the day's worst performer, surrendering 6.3% for the week. Crude oil fell $0.31, or 0.7%, to $42.31/bbl, but gained $0.26, or 0.6%, for the week.
Treasuries ended mixed with shorter tenors ending lower while the long bond outperformed. The 10-yr note ended little changed with its yield at 0.64%.
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