US Stocks Post Weekly Gains, Nasdaq Ends at Record


US Stocks Post Weekly Gains, Nasdaq Ends at Record

US stocks ended higher on Friday with the Nasdaq Composite extending its gains further into record territory bolstered by strong earnings by technology companies led by Google.

The Nasdaq Composite extended its record setting steak for the second straight day advancing by 46.96 points or 0.9% to 5,210.14 points. The tech heavy index advanced 4.25% for the week.

The Dow Jones Industrial Average slipped 33.80 points or 0.2% to 18086.465 points while the S&P 500 Index end 2.3 points or 0.1% lower at 2126.4 points with 9 of its ten key sectors ending lower. Energy and utilities led the losses.

“Whenever we see oil tick down, people worry about global growth,” Karyn Cavanaugh, senior market strategist at Voya Investment Management in New York told Reuters.

“Earnings have been a little bit of a touch-and-go situation.”

Google’s shares surged to a record on Friday a day after reporting better than expected earnings for the second quarter of 2015.

Google shares jumped by more than 16.38%, its third biggest percentage intraday gain, gaining more than $65 billion in market value and placing it just behind Apple Inc as the US’s most valuable stock.

The dollar also gained against a basket of foreign currencies on expectations that the Federal Reserve would raise the country’s interest rates this year after better than expected housing data, strong Consumer Price Index data and surging business permits.

Housing starts rebounded strongly from June jumping more than 9.8% while building permits jumped to an 8 year high showing strength in the economy.

“The focus today is pretty strong housing numbers. Both housing starts and building permits exceeded expectations,” Guy LeBas, chief fixed income strategist at Janney Montgomery Scott, told CNBS.

“On the margin it helps support at least one rate hike in 2015. The markets are pricing in very little probability of 2 rate hikes this year.”

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