Dow rises, extending record run
Moody’s Chief Economist John Lonski and Vision 4 Funds Distributors VP Heather Zumarraga discuss their outlook for the markets.
The Dow Jones Industrial Average climbed Friday, extending its record-setting run to a second consecutive session.
The Dow rose 86.52 points, or 0.32 percent, to 26,743.50. The S&P 500 ticked 1.08 points lower to 2,929.67. The Nasdaq Composite dropped 41.28 points, or 0.51 percent, to 7,986.96.
The Dow Jones Industrial Average and the S&P 500 set intraday records in early trade Friday. On Thursday, the two major stock market indexes also set records, with the Dow rallying over 251 points to close at a record high for the first time since January. The S&P 500 also climbed to an all-time high.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43750.86 | -207.33 | -0.47% |
| SP500 | S&P 500 | 5949.17 | -36.21 | -0.60% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19107.65077 | -123.07 | -0.64% |
Stocks are getting a boost from overall solid economic data, which resulted in investors waving off the tit-for-tat exchange of newly imposed tariffs placed on U.S. and Chinese goods.
Data released Friday included the IHS Markit flash U.S. manufacturing PMI, which rose to 55.6 in September from 54.7. The IHS Markit flash U.S. services PMI dropped to 52.9 in September from 54.8. Any reading above 50 marks growth.
Economic data released Thursday included a reading on weekly jobless claims. The number of Americans filing for first-time jobless claims fell to 201,000 in the prior week, well below the 210,000 estimate and the lowest since late 1969.
China's stock markets surged on Friday before a long holiday weekend. Investors are hopeful that the government will boost domestic demand in order to offset the effects of the trade war. China’s Shanghai Composite ended the day up 2.5 percent, the biggest gain in six weeks.
Commodities were mostly higher Friday.
FOX Business' Ken Martin contributed to this article.