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S&P 500 closes at record high

BusinessFinancial Markets
Consumer spending edged down in July

U.S. financial markets inched higher in light trading Friday afternoon, recouping small losses from earlier in the day. Investors weighed reports that gave a mixed picture of the U.S. economy and better-than-expected company earnings

The Standard & Poor's 500 is ending the week at a record high after a day of quiet trading.

Chip maker Avago Technologies jumped nearly 8 percent after reporting earnings that beat analysts' estimates.

The latest reports on the U.S. economy were mixed. Consumer sentiment improved in August, while spending fell and income growth slowed in July.

The Standard & Poor's 500 rose six points, or 0.3 percent, to finish at 2,003.37, an all-time high, Friday. The Dow Jones industrial average rose 18 points, or 0.1 percent, to 17,098. The Nasdaq composite rose 22 points, or 0.5 percent, to 4,580.

Bond prices barely budged. The yield on the 10-year Treasury note held at 2.34 percent.

Copyright © 2014, Los Angeles Times
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