It wasn’t always pretty, but the Dow Jones Industrial Average and S&P 500 hit new all-time highs to close out a winning week on Friday.
The Dow ended the day up 15.53 points to close at a record 35,515.38, while the S&P 500 ticked up 0.16% to finish at 4,468.00, setting a new closing record. The tech-heavy Nasdaq Composite added just 0.04% to 14,822.90.
Shares of Walt Disney rose 1% after the media giant revealed its US parks returned to profitability last quarter, pushing the Dow to a new record. The company beat Wall Street expectations on subscriber growth, revenue, and earnings.
Under the S&P 500, consumer staples and utilities outperformed other sectors as Tyson Foods rose 2.3% and NRG Energy added 1.3%. Similar to last week, energy and industrials underperformed with Diamondback Energy shedding 4.7% and United Rentals down 2.2%.
Also Read: Big Tech Companies Propell the Dow and S&P 500 to Set Fresh Records
While the blue-chip Dow and the S&P 500 rounded out the week with muted gains of 0.8% and 0.7%, respectively, the Nasdaq rather underperformed this week, down just under 0.1%
Most stocks are now rising, buoyed by a stellar earnings season with year-over-year earnings growth expected to reach 92.9%. About 90% of the S&P 500 companies have reported their quarterly reports, with 88% of them beating earnings estimates from Wall Street analysts.
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