S&P 500 pushes past 2500

Closing Summary Indexes September 15

Closing Summary Indexes September 15

Wall Street soared to record highs on Friday, thanks to robust trading in telecommunication shares as well as bouncing back of technology shares after a couple of days of declines.

The Dow Jones industrial average and Standard & Poor's 500 index closed at record highs. Health-care and tech stocks have led the S&P 500 in its latest 100-point trip up, jumping at least 6 percent. US 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.

Meanwhile, in the corporate space, Oracle's share price got pummelled after co-CEO Safra Catz guided toward growth in fiscal second quarter sales of between 2% to 4%, versus market forecasts calling for an increase of 4.7%.

Stocks in the United Kingdom slumped to a four-month low and the pound rose to its highest level since mid-2016, after Bank of England officials confirmed they are close to raising interest rates for the first time in a decade. On the Nasdaq, 1,611 issues rose and 1,189 fell. Stocks made big gains Monday and as Hurricane Irma weakened, and they didn't do too much after that, but still wound up with their biggest weekly gain since the beginning of January. It measures the daily stock price movements of 30 large, publicly-owned US companies.

Apple added 1 percent Friday, while Boeing moved up 1.5 percent.

Railroad and trucking stocks also moved notably higher over the course of the session, while some weakness was visible among software stocks.

The blue-chip index 64.86 points, or 0.3%, to close at 22,268.34. A stronger pound would hurt the earnings of British companies that do a lot of business overseas.

FED WATCH: Investors were also digesting the first of a batch of US economic data as they await the Fed's next move on interest rates.

Economic data was nearly uniformly weak on Friday, mainly as a result of hurricane Harvey's impact, save for the so-called Empire State manufacturing index for September which slipped by just 0.8 points to 24.4, denoting confidence in the sector's outlook, according to analysts.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.20 percent.

USA crude settled unchanged at $49.89 per barrel and Brent rose 15 cents to settle at $55.51 a barrel. The pound jumped to $1.3354 from $1.3197.

Wholesale gasoline rose 3 cents to $1.66 a gallon.

Japan's benchmark Nikkei 225 index edged up 0.1 percent to 19,835.30 but South Korea's Kospi lost 0.4 percent to 2,369.32.

CURRENCIES: The dollar slid to 110.19 yen from 110.26 yen.

The report said retail sales dipped by 0.2 percent in August after rising by a downwardly revised 0.3 percent in July.

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