US Stocks Reach Another Milestone as S&P 500 Vaults Past 2500

Rising market

Rising market

USA stock benchmarks carved out fresh intraday records on Friday with a big assist from rallying technology shares, helping Wall Street shake off North Korean tensions and aim to cement sharp weekly gains.

First, the data. Headline CPI rose 0.4% month-over-month in August, beating forecasts for a 0.3% increase, while Core CPI, which excludes food and energy, rose 0.2%, meeting expectations. The S&P 500 closed at 2,500.23 for a gain of 4.61 points or 0.18%.

The Dow Jones Industrial Average is one of several indices created by Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow.

The University of Michigan's Consumer Sentiment Index was affected by US weather-related issues, which were a factor for the Index's decrease from 96.8 to 95.3.

Asian stocks were mostly lower Friday after North Korea fired off another missile over Japan, ratcheting up geopolitical tensions and denting investor sentiment.

The Final Word: Stocks appear to be consolidating higher after Monday's gap up.

The Dow Jones Industrial Average rose 64.86 points, to 0.3%, to close at 22,268.34, logging its fourth straight record close and its sixth consecutive day of gains.

Meanwhile, the technology-driven Nasdaq Composite Index (NYSEARCA:DIA) added 0.3% to 6,448.37. While the U.K.'s FTSE 100 Index tumbled by 1.1 percent, the French CAC 40 Index and the German DAX Index both edged down by 0.2 percent.

Lattice shook off an early loss to rise 7 cents, or 1.2 percent, to $5.79.

Rick Rieder, the chief investment officer for BlackRock's global fixed income business, said retail sales and inflation have been weak because technological changes keep reducing the prices of clothes, food, travel, and phone plans.

Before the start of trading, the Commerce Department released a report showing retail sales dipped by 0.2 percent in August after rising by a downwardly revised 0.3 percent in July. The yield on the 10-year Treasury note rose to 2.20 percent from 2.19 percent.

Following the mixed performance seen in the previous session, stocks moved modestly higher over the course of the trading day on Friday. Hong Kong's Hang Seng fell 0.7 percent to 27,571.42 and the Shanghai Composite in mainland China shed 0.6 percent to 3,353.11. Interest rates also rose, which helped banks, as they stand to make more money from lending.

Telecommunications services was the S&P 500's single best performer.

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