S&P 500, Nasdaq hit records on tech lift

Marco Green
September 30, 2017

"You see the market giving back a bit from yesterday, it's taking some profits off the reflation move", said Jeff Zipper, managing director at the US Bank Private Client Reserve in Palm Beach, Florida.

Stocks ended the week and the quarter in the green, sending the S&P 500, Nasdaq and Russell 2000 to new record closing highs.

USA markets opened mixed as investors digested the latest inflation and consumer spending figures.

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.

Another report showed the Chicago purchasing management index, which gauges factory activity, came in better than expected for September. For the week, the Dow rose 0.2% and the S&P rose 0.7% in their third straight weekly advance. Small-cap stocks were the big gainers of the week, with the Russell gaining 2.8% over the past five session. The Dow Jones Industrial Average closed with modest gains, up zero.2 percent at 22,381.2, pushed up by McDonald's, whose shares rose sharply.

The S&P 500 was on pace for quarterly gains of almost 3.6 percent, also its eighth straight quarter of gains.

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

Other reports by Click Lancashire

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