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Dow, S&P 500 set records to end week higher

English.news.cn   2014-06-21 06:47:01

NEW YORK, June 20 (Xinhua) -- U.S. stocks closed up Friday to wrap up the week on a positive note, with the Dow Jones Industrial Average and the S&P 500 breaking new ground, boosted by optimistic sentiment sparked by the U.S. Federal Reserve's commitment to an accommodative monetary policy.

The blue-chip index hit a record high of 16,978.02 points in intraday trading, within a striking distance of the psychologically important level of 17,000 points, before finishing at a record close of 16,947.08 points, up 25.62 points, or 0.15 percent.

The S&P 500 also touched a fresh record intraday high of 1,963. 91 points, extending its record rally into a third straight session. The broader index ended at 1,962.87 points, up 3.39 points, or 0.17 percent.

Both the Dow and the S&P 500 logged a six-day winning streak.

The tech-heavy Nasdaq Composite Index gained 8.71 point, or 0. 20 percent, to 4,368.04 points, a 14-year high.

Wall Street regained steam in the week, with the three indices jumping 1.0 percent, 1.4 percent and 1.3 percent, respectively, as investors increased appetite for risky stocks, cheering dovish remarks from Fed Chair Janet Yellen following the close of the U.S. central bank's two-day policy meeting Wednesday.

Yellen downplayed concerns about rising inflation, saying the recent uptick in consumer prices is "noisy," while emphasizing the Fed has no set timing for interest rate hike which depends on economic data.

The Fed announced Wednesday that it will continue to taper its monthly bond purchases by another 10 billion U.S. dollars next month and lowered its U.S. growth forecast for this year, while pledging to keep its benchmark short-term interest rates near zero "for a considerable time" after the bond purchase program ends.

In absence of major data coming out in the day, investors continued to digest the Fed's latest move to foster the U.S. economy in a context of anchored inflation and Yellen's dovish policy stance.

In corporate news, Oracle Corporation shares tumbled 3.98 percent to 40.82 dollars apiece after the tech giant reported late Thursday its diluted earnings per share of 0.80 dollars for the fourth quarter in the fiscal year 2014 on revenues of 11.3 billion dollars, both of which trailed market expectations.

Energy, healthcare and materials were the three sectors that led the rally of the S&P 500.

The CBOE Volatility Index, a gauge of fear in the market, rose 2.17 percent to end at 10.85.

In other markets, the dollar rose versus other currencies Friday as traders expected U.S. inflation may accelerate faster.

In late New York trading, the euro lost to 1.3593 U.S. dollars from 1.3608 dollars of the previous session. The greenback bought 102.13 Japanese yen, higher than 101.94 yen of the previous session.

U.S. oil price gained as President Barack Obama announced Thursday that U.S. will send 300 military advisers to Iraq in the wake of escalating violence in the second largest crude producer of the Organization of the Petroleum Exporting Countries (OPEC).

Light, sweet crude for July delivery moved up 83 cents to settle at 107.26 dollars a barrel on the New York Mercantile Exchange.

Gold futures on the COMEX division of the New York Mercantile Exchange kept rising Friday. The most active gold contract for August delivery rose 2.5 dollars, or 0.19 percent, to settle at 1, 316.6 dollars per ounce.

Editor: Mu Xuequan
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