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S&P 500 inches higher to another record close, capping fifth-straight weekly gain

The major stock averages rose slightly on Friday, notching fresh record closing highs, as Wall Street capped off a week in which trade optimism sparked a massive rotation out of bonds and into equities. The S&P 500 gained 0.25% to 3,093.08, led by gains in the tech and health care sectors. The Dow Jones Industrial Average climbed 6.44 points, or 0.02% to 27,681.24, led by Disney shares. The Nasdaq Composite advanced 0.5% to 8,475.31.
Disney posted better-than-forecast quarterly numbers, sending the stock up 3.8%. Disney’s revenues for its media and networks segment topped a FactSet estimate, while sales for the company’s parks, studio entertainment and direct-to-consumer businesses also beat expectations. The stock also got a lift from increasing enthusiasm around next week’s launch of Disney+.
European markets closed lower Friday, as investors reacted to conflicting signals about the ongoing Sino-U.S. trade war.
The pan-European Stoxx 600 index closed provisionally down around 0.4%, with most sectors and major bourses in negative territory. Retailers were among the worst performers, Ocado leading the sector’s losses with a more than 7% drop.
Looking at individual stocks, Richemont tumbled toward the bottom of the European benchmark. The Swiss watchmaker reported weaker-than-expected earnings for the first half of the year, as political protests in Hong Kong weighed on sales growth. Shares of the firm slipped over 6% on the news.
Source: CNBC