S&P 500 Hits Another Record Close

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S&P 500 Hits Another Record Close

The S&P 500 hit a new record high on Friday, with the recovery of energy stocks from their recent declines.

The S&P 500 climbed 0.02% or 0.49 points to 2039.82, the 41st new high for the index in the year.

The Dow Jones Industrial Average dropped back from its Thursday’s record high. Blue chips dropped 0.1% or 18.05 points to 17,634.74 while the Nasdaq Composite index gained 0.2% or 8.4 points to 4,688.54 as reported by The Wall Street Journal.

Energy companies were among some of the biggest gainers on Friday, lifted by the rise in oil prices.

Crude futures climbed 2.2% to $75.82 per barrel on Friday, taking a break from the slide that has seen oil prices drop by 30% from mid June. The drop in oil process has spilled over to energy stocks, with the S&P 500 energy sector losing 9.6% over the past three months. The group gained 0.8% on Friday.

Portfolio manager of J.P. Morgan US Equity Fund, Susan Bao said, “It feels quiet on the surface because the headlines have died down, at least from investors’ perspective. But if you look underneath, it’s anything but quiet. Look at the energy market.”

According to USA Today, Asian markets were mixed on Friday. The Nikkei of Japan climbed 0.6% to 17,490.83 but the Hang Seng of Hong Kong dropped 0.3% to 24,087.38. The Shanghai Composite of China dropped 0.3% to 2478.82.

Major indexes in Europe climbed higher with the FTSE of Britain climbing 0.3% to 6654.37 and the DAX of Germany gaining 0.1% to 9252.94 and the CAC of France gaining 0.4% to 4202.46.

Consumer sentiment got a boost on Friday from the better than expected 0.3% rise in forecast in October’s US retail sales.

EverBank Wealth Management, senior market strategist, Chris Gaffney said, “The US economy is still driven by the US consumer. Better confidence and more spending is what will turn into more earnings for companies and propel the markets even higher.

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To contact the reporter of this story; Jonathan Millet at john@forexminute.com