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S&P 500 tops 2500 mark as tech and bank stocks climb

17 September 2017, 11:16 | Joann Bryant

S&P 500 tops 2500 mark as tech and bank stocks climb

S&P 500 tops 2500 mark as tech and bank stocks climb

USA stock indexes are inching mostly higher in early trading on Wall Street as more gains for Boeing send the Dow Jones industrial average above the record high it reached a day earlier. The Nasdaq composite increased 19 points, or 0.3 percent, to 6,448.

On the economic front, producer price data for August showing a 0.2% rise on the month left economists a little bit divided on the outlook for price pressures.

Earlier, North Korea fired a second missile in as many weeks over Japan, drawing criticism from global leaders but barely moving shares as investors await the next catalyst - the Federal Reserve's meeting on September 19-20. Shares in Korea, closed higher on Thursday- with the benchmark KOSPI adding zero.7 percent at 2,377.7-6. 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. Technology and health care companies, the best-performing sectors of the market in 2017, are taking some of the biggest losses.

America's dominant stock market index, the Standard & Poor's 500, has passed the threshold of 2,500 for the first time in its 60-year history.

FED WATCH: Investors were also digesting the first of a batch of USA economic data as they await the Fed's next move on interest rates. The Russell 2000 index of smaller-company stocks picked up 6.69 points, or 0.5 percent, to 1,431.71.




The S&P 500 rose 1.6 per cent for the week, while the Dow Jones Industrial Average advanced 2.2 per cent.

Retailers were also expected to come under a bit of pressure after retail sales figures for August fell 0.2%, thanks to a 1.6% decline in sales at auto dealers; strip these out and retail sales rose 0.2%. Hong Kong's Hang Seng fell 0.7% and the Shanghai Composite in mainland China shed 0.6%. Rival TransUnion lost $1.47, or 3.4 percent, to $41.61 and Experian fell 0.9 percent in London. USA retail sales unexpectedly fell in August (http://www.marketwatch.com/story/us-retail-sales-slump-near-end-of-summer-2017-09-15), dropping 0.2% in their second decline of the past three months. Brent crude, used to price worldwide oils, shed 35 cents to $55.12 barrel in London. The benchmark 10-year yield started the week near 2.09%; it traded around 2.19% Friday.

CURRENCIES: The dollar dipped to 110.61 yen from 110.66 yen.

S&P 500 measures the performance of 500 widely held common stocks of large-cap USA companies. The euro weakened to $1.1906 from $1.1919.



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