LONDON: U.S. stocks closed higher Friday after a choppy start, preserving slim gains over a tumultuous week marked by thin summertime volumes, turmoil abroad, and hand-wringing over the timing of the Federal Reserve’s plans to raise interest rates.
Friday’s string of upbeat economic reports paint the U.S. economy in a strong, albeit not spectacular, light, which has left some investors struggling to determine the direction for stocks.
Investors initially shrugged off a muted reading on U.S. producer prices, as well as a solid industrial-production report. But ultimately stocks gained some upward thrust.
The S&P 500 SPX, +0.39% rose 8.15 points, or 0.4%, to close at 2,091.54, with nine out of 10 sectors showing modest gains, led by utilities and financials, and weighed down by energy.
The Dow Jones Industrial Average DJIA, +0.40% advanced 69.15 points, or 0.4%, to finish at 17,477.40, supported by Dow component leader DuPont & Co. DD, +1.57% which closed up 1.6% after J.P. Morgan analysts upgraded the stock.
Meanwhile, the tech-heavy Nasdaq Composite Index COMP, +0.29% 14.68 points, or 0.3%, higher at 5,048.24.
The S&P 500 ended up 0.7% for the week, while the Dow rose 0.6%, and the Nasdaq finished the week up 0.1%.
