Wall Street hits records as tech stocks shine

September 29, 2017

The SP 500 and the Nasdaq have advanced to record levels, buoyed by gains in technology stocks, while each of the major indexes closed out the quarter with solid gains.

Technology was the best performing of the major SP sectors on Friday, up 0.75 per cent, its fourth straight day of gains to recover from a sell-off earlier in the week.

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The SP and Nasdaq closed at records for the third straight day and the benchmark SP index posted its sixth straight month of gains.

“It really sums up kind of what we saw all month and all quarter, another calm day,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.

“This is one of the least volatile Septembers in history, it is kind of a continuation of that real dull trading with a nice upward bias.”

For September, the Dow gained 2.1 per cent, the SP rose 1.9 per cent and the Nasdaq advanced 1.05 per cent.

Facebook’s 1.23 per cent gain provided the biggest lift to both the Nasdaq and the SP to help pace the advance.

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Financials received a brief lift and hit their session high after reports President Donald Trump’s met with former Federal Reserve governor Kevin Warsh to discuss his potential nomination as Fed chairman. The sector was up 0.34 per cent.

Trump later said he has had four meetings in his search for a new chairman of the Federal Reserve board and will decide in two or three weeks.

“Rates and equities have priced in the current Fed regime continuing, which is a relatively sanguine path for the economy,” said Shehriyar Antia, chief market strategist at Macro Insight Group in New York.

“Any deviation from that path – or the suggestion that Yellen may not be re- appointed – causes the market to reconsider this presumption and reprice valuations.”

Rising expectations for another interest rate hike by the year-end and Trump’s tax cut plan have dominated markets for most of the week.

Data on Friday showed US consumer spending barely rose in August but the report did little to change expectations that the central bank would raise interest rates again in December.

Another report showed the Chicago purchasing management index, which gauges factory activity, came in better than expected for September.

The Dow Jones Industrial Average rose 23.89 points, or 0.11 per cent, to 22,405.09, the SP 500 gained 9.3 points, or 0.37 per cent, to 2,519.36 and the Nasdaq Composite added 42.51 points, or 0.66 per cent, to 6,495.96.

The SP and the Dow recorded eight straight quarters of gains, the Nasdaq five. The Dow climbed 4.9 per cent for the third quarter, the SP advanced 4 per cent and the Nasdaq gained 5.8 per cent.

Meat processor Tyson Foods jumped 7.64 per cent after the company raised its full-year profit forecast. The stock was the biggest gainer on the SP.

Advancing issues outnumbered declining ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.35-to-1 ratio favoured advancers.

About 6.01 billion shares changed hands in US exchanges, compared with the 6.25 billion daily average over the last 20 sessions.

Reuters