The Standard & Poor's 500 index rose 0.9% this week to another fresh closing high as the market benchmark recorded its sixth consecutive week of gains, marking its longest winning streak in two years.
The advance came amid rising hopes for a US-China trade deal and as better-than-expected quarterly earnings and economic data recently have boosted investor sentiment.
The S&P 500 ended the week at 3,120.46, up from last week's closing level of 3,093.08 and representing its highest closing level ever. The closing level also was the measure's high of the day and thus marks a new intraday high as well. The index is now up 24% for the year to date.
The latest weekly climb came as investors grew more hopeful for a trade deal between the US and China after White House economic adviser Lawrence Kudlow said Thursday that the countries are getting close to a deal, although President Donald Trump isn't ready to commit to one just yet. Kudlow's comments included references to "progress" and being "very constructive," adding to investors' optimism.
The health-care sector had the largest percentage increase of the week, up 2.4%, followed by a 2.0% rise in real estate and a 1.8% advance in utilities. While most sectors rose on the week, two bucked that trend: Energy fell 1.0% and financials slipped 0.3%.
Among the gainers in health care, shares of AbbVie (ABBV) climbed 4.0% as the company released data showing its inflammatory drug Rinvoq was able to provide significant improvements to signs and symptoms for patients living with ankylosing spondylitis, an inflammatory disease that causes pain and stiffness, primarily in the spine, starting in early adulthood.
The real-estate sector's gainers included Equinix (EQIX), whose shares rose 3.8% this week as the data-center company said European Union regulators known as the European Data Protection Board approved its Binding Corporate Rules. The BCRs allow multinational companies to transfer private data from the European Economic Area to affiliates outside of the region.
On the downside, the energy sector's decliners included Hess (HES), which fell 5.3% this week amid an investment-rating downgrade to underperform from outperform from Scotiabank.
Provided by MT Newswires.