The latest bright sign on the economy follows Thursday’s solid retail sales report, which revealed consumers are still spending at a healthy pace.
Technology stocks also made big gains. Qualcomm rose 4.7%.
Communications companies rose.
Bond prices fell, pushing yields higher. The yield on the 10-year
Safe-play sectors, including utilities and real estate companies, lagged the market.
Stocks are still trading around their latest record highs reached a day earlier and are on track for solid weekly gains. The two days of good economic news follow the signing of an initial trade deal by the
KEEPING SCORE: The S&P 500 index rose 0.2% as of
NEW YEAR UNDERWAY: Financial markets are solidly higher just a few weeks into 2020 as trade disputes quiet down and the economic picture remains bright.
The S&P 500 is up 2.9% so far this year and technology stocks are once again leading the gains. The index finished 2019 with a sharp 28.9% gain on a surge from the technology sector.
The recent signing of a “Phase 1” deal has raised hopes on
BREAKING GROUND: The
HEAVY ANCHOR: Gap slid 0.9% after the retailer cancelled plans to spin off its Old Navy brand, saying the move would be too costly. It also said the president and CEO of the Gap brand,
SHIPPING BLUES: Major shipping companies struggled in the fourth quarter because of costs and restrictions tied to the ongoing
A NEW LOOK:
AP Business Writer