Third-week gains and record close for S&P and Dow by Reuters

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© Reuters. Gains for the third week and a record close for S&P and Dow

(Reuters) – The Standard & Poor’s 500 industrial indices rose on Friday and closed at a record high, extending gains for a third straight week thanks to factors including rising growth stocks.

Growth stocks have gained momentum over the past two weeks after they were outpaced by value stocks for most of the year, taking advantage of a 10-year decline in the yield after hitting a 14-month peak in late March.

The data showed US producer prices rose more than expected in March, marking the largest annual increase in nine and a half years.

According to unofficial data, the Dow rose 299.21 points, equivalent to 0.89 percent, to 33,802.78 points, and Standard & Poor’s advanced 31.58 points, or 0.77 percent, to record 4,128.75 points, and the Nasdaq Composite Index increased 70.88 points, or 0.51 percent, to 13,900.19 points.

(Prepared by Ahmed Elhami for the Arabic Bulletin)

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