Can’t hold a good stock market down: S&P 500 sets intraday record
A week-long rally in the stock market carried the Standard & Poor’s 500 index to an intraday record Friday morning, the latest indication that investors worry more about missing potential gains than suffering losses.
Stocks have been buoyed this week by generally positive economic data that have eased concerns about the potential for interest rates to rise next year.
Stocks also have overcome geopolitical tensions between the United States and Russia, brushing aside the brinkmanship over the future of Crimea and the Ukraine.
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The S&P rose 9.25 points, or 0.5%, to 1,881.26. The index is now up 1.8% for the year.
The S&P rose four of five days this week. The only down day came Wednesday when traders were put off by comments from Federal Reserve Chairwoman Janet L. Yellen hinting that rates may rise sooner than anticipated.
The Dow Jones industrial average was up 82.89 points, or 0.5%, at 16,413.94.
Though the market has not powered ahead, it also has not suffered an extended sell-off.
That has frustrated investors who have waited impatiently for a deeper downturn in hope of picking up bargains. Each of this year’s two declines -- a 6% setback in January and last week’s 2% drop -- have been met fairly quickly with renewed buying.
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Follow Walter Hamilton on Twitter @LATwalter
