Wall Street hits new records as tech stocks climb

By Sruthi Shankar

By Sruthi Shankar

Posted: Sep. 15, 2017 8:00 am Updated: Sep.

USA stock benchmarks finished in the green on Friday, posting sharp weekly gains, with a big assist from rallying telecommunication and bank shares as Wall Street shook off North Korea's latest missile launch. Amazon also lost 0.5 per cent, but Apple added one per cent after its new product launch this week.

The Chicago Board Options Exchange (CBOE) Volatility Index (NYSEARCA:VXX) declined 2.6% on Friday to close at 10.17.

The S&P 500 Index powered past 2,500 for the first time, notching its third round-number milestone of the year as the bull market in USA equities rages on.

The Dow Jones industrial average rose 64.86 points to close at 22,2686.34, a record. Prices rose nearly 5 percent in the week, buoyed by higher demand forecasts.

Shares of SPDR Dow Jones Industrial Average ETF (NYSE:DIA) traded up 0.21% on Friday, reaching $222.33.

US crude oil prices remained flat at about $50 per barrel. The precious metal, which had climbed to around $1,338 an ounce following North Korea's latest move, finished at a September low, down 2% on the week as reaction to perceived risks subsided.

The 14-day ADX for Lyxor UCITS ETF Dow Jones Industrial Average D-EUR (DJEL.L) is now at 15.38.

The S&P 500 was down a couple of points at 2,494 while the Dow Jones 30-share was up 19 at 22,222. The Nasdaq composite slumped 0.5 percent to 6,429.08.

United States stocks opened mixed, with the S&P lower and the Dow Jones heading for higher ground, shrugging off concerns about North Korea's latest missile test.

Other major indexes were little changed in the first few minute of trading on Friday.

Stocks in tech companies kicked off the session as the worst performers but they turned around in late-morning trading.

Business software maker Oracle slumped 5.7 percent after issuing a disappointing forecast for its cloud computing business.

In small-caps, the Russell 2000 Index closed at 1,431.71 for a gain of 6.69 points or 0.47%.

The consumer discretionary index.SPLRCD fell 0.54 percent, pulled down by a 0.74-percent decline in Amazon.com AMZN.O and a 0.93-percent dip in Walt Disney DIS.N. Hong Kong's Hang Seng fell 0.7% and the Shanghai Composite in mainland China shed 0.6%.

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