By Dow Jones Business News,
June 20, 2014, 04:44:00 PM EDT
MARKET SNAPSHOT: Yet Again, Dow, S&P 500 Notch New Records
By Victor Reklaitis, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks saw modest gains Friday, pushing the S&P 500 and Dow industrials to the latest
in a string of record closes and lifting the Nasdaq Composite to its strongest finish in 14 years.
"Well, the trend is your friend and with the Fed reiterating their dovish stance the follow through has propelled
global equities to new highs. However, lingering in the background is steadily rising oil prices which will impact
growth in time and markets will soon start to price this in," said Mike McCudden, head of derivatives at stockbroker
Interactive Investor, in a note.
The session was light on economic releases. Total volume on all stock exchanges was the largest since April 15,
although the threat of increased volatility due to quadruple witching, which refers to stock index futures, individual
stock futures, stock index options and individual stock options all expiring, didn't materialize.
CarMax Inc.( KMX ) led gainers in the S&P 500, surging more than 16% after upbeat results. Software maker Oracle Corp.
( ORCL ) was among losers, slipping 1.7% after a disappointing earnings report.
The S&P 500 (SPX) rose 3.39 points, or 0.2%, to close at 1,962.87, bringing its win streak to six days and notching a
record close for the third day in a row and for the 22nd time this year. The index rose 1.4% for the week, its biggest
weekly percentage gain since April 17.
The Dow Jones Industrial Average(DJI) gained 25.62 points, or 0.2%, to close at 16,947.08, also setting a record high
and extending its win streak to six sessions -- the longest since December. The index gained a little more than 1% on
Friday's close was the index's 11th closing record of the year. It also scored an all-time intraday high above 16,978,
eclipsing its prior intraday record hit June 9.
The Nasdaq Composite(RIXF) rose 8.71 points, or 0.2%,to end at 4,368.04, its highest finish since April 2000. The
tech-heavy index saw a 1.3% weekly rise.
Friday's tone was set on Wednesday, when investors cheered dovish comments from Federal Reserve chief Janet Yellen.
"The supportive monetary policy of the Federal Reserve which was more dovish than the market had been anticipating has
pulled the dollar lower and pushed equity markets higher," said Richard Perry, market analyst at Hantec Markets, in a
"However, this positivity is countered by the tensions in Iraq," which led President Obama on Thursday to order up to
300 members of U.S. special-operations forces to that country, Perry said. "Upside is likely to continue to be slow
going whilst this remains the case," the analyst said.
U.S.-listed shares of Shire PLC (SHPGY) leapt more than 16% after the Dublin-based drug maker rejected a GBP27.2
billion ($46.35 billion) takeover bid from Illinois-based AbbVie Inc.( ABBV ). AbbVie fell 1.6%. (Read more in
MarketWatch's Movers & Shakers column http://www.marketwatch.com/story/carmax-surges-on-earnings-oracle-sinks-2014-06-
In other markets, Asian stocks finished mixed, and European equities ended marginally lower. Gold futures rose,
trading above the key level of $1,300, and the U.S. oil benchmark finished at a nine-month high.
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