Up, up and away! It’s a bird, it’s a plane, no! It’s Super Stocks—tech stocks that is—helping to lead the way ever upward. Technology stock increases aided the Standard & Poor's 500 to set a new record on Friday, and the index closed out on the eighth straight week of gains.
This on a day when a report showed the U.S. job market strengthened again last month to its lowest in 17 years—albeit with a weaker result than expected. Bond yields held relatively steady, stock markets around the world rose modestly and the price of oil climbed to its highest level in more than two years. Not bad.
The S&P 500 rose 7.99 points, or 0.3 percent, to 2,587.84 after flipping between modest gains and losses earlier in the day. The push higher helped it clinch its longest weekly winning streak in nearly four years.
The Dow Jones industrial average rose 22.93 points, or 0.1 percent, to 23,539.19, and the Nasdaq composite climbed 49.49 points, or 0.7 percent, to 6,764.44.
Technology stocks led the way, as they have for most of this year.
The mostly encouraging reports on the economy bolstered expectations that the Federal Reserve will raise interest rates at its next meeting in December. It would be the third increase this year.