Stocks rallied Friday, capping off a winning week and giving investors a basket of new milestones to celebrate.
The S&P 500, which sailed into record territory on Tuesday, rose 0.35% while the Nasdaq Composite gained 0.42%, both registering a fourth straight week of gains. The Dow Jones Industrial Average, meanwhile, on Friday rose 190 points or 0.69% but still posted a modest decline for the week.
Tesla Inc. drove into record territory in the final trading day for investors to buy shares and be eligible for the upcoming 5-for-1 stock split that will take place at the close of business on Aug. 28. The electric-car maker finished the week with a $382 billion market capitalization, bigger than Walmart.
Apple Inc. also rose, becoming the first American company with a $2 trillion market value.
On Friday, there were several economic catalysts, including existing home sales spiking by a record 24.7% month-over-month in July while both manufacturing and services numbers also topped forecasts.
Also, the 2020 election cycle kicked into high gear with former Vice President Joe Biden accepting the Democratic nomination to run against President Trump.
Biden laid out his vision for America in a speech on Thursday evening, slamming Trump for his handling of COVID-19, which has killed more people in the U.S. than any other country, and promising to bring light to a “season of darkness.”
Trump will make his case for reelection next week when the Republican National Convention kicks off on Monday.
In stock news, BioNTech SE and Pfizer Inc. shared positive early data from the Phase 3 trial of their experimental COVID-19 vaccine, noting that fewer than 20% of participants experienced a mild to moderate fever.
General Electric Co. extended CEO Larry Culp’s contract through August 2024. Culp replaced former CEO John Flannery, who had served for a little more than a year, in October 2018.
Shares of Deere & Co. hit record highs after the heavy-equipment manufacturer raised its full-year profit forecast. Both earnings and revenue were ahead of expectations.
Sneaker retailer Foot Locker Inc. reported better-than-expected top- and bottom-line results and reinstated its 15-cent quarterly dividend after navigating COVID-19 and the social unrest that followed the death of George Floyd.
Ross Stores Inc. said sales in the three months through June fell 33% from a year earlier, outpacing estimates, as the discount retailer began a phased reopening of its stores on May 14.
Looking at commodities, gold posted modest gain rising to $1,934.60 an ounce while West Texas Intermediate crude oil dropped 48 cents to $42.34 per barrel.
U.S. Treasurys ticked lower, causing the yield on the 10-year note to rise to 0.639%.
In Europe, Germany’s DAX led markets lower with a drop of 0.51%, while France’s CAC and Britain’s FTSE were weaker by 0.3% and 0.19%, respectively.
Markets closed higher across Asia with Hong Kong’s Hang Seng adding 1.3%, China’s Shanghai Composite climbing 0.5% and Japan’s Nikkei edging up 0.17%.
