Stocks, Commodities: S&P 500 Record High, Gold Up On USD Weekness
|NYSE||Adv 1960||Dec 1022||Vol 796.3 mln|
|NAS||Adv 1529||Dec 1029||Vol 1.84 bln|
The S&P 500 moved to a new high on the day, putting the benchmark stock index less than 2 pts below the 1,800 mark.
Friday’s advance ensured the 6th consecutive weekly gainer for the S&P 500.
The broader stock market has followed energy (+0.4%) and materials (+0.5%) through most of the session.
Both sectors paced the advance, but when the 2 commodity-linked stock groups slipped from their early highs, the S&P 500 followed.
During the last hour the 2 sectors rose to new highs, pushing the S&P 500 to a new session high of its own
Precious metals erased earlier losses, gaining support from a weaker US Dollar Index (.DXY).
Gold futures finished higher Friday, scoring their 1st weekly gainer in 3, after Federal Reserve Vice Chairwoman Janet Yellen voiced support for the central bank’s bond-buying program.
Gold for Dec delivery +0.08% rose 1.10, or 0.1%, to settle at 1,287.40 oz on the COMEX division of the New York Merc.
Dec Silver +0.11% added a 1/2 cent to 20.727 oz after gaining 1.3% in the prior session. Prices fell 2.8% on the week, which was their 3rd down week running.
Crude Oil rose to a session high of 94.55 in early morning pit action but was unable to hold the momentum. Prices slipped back towards the unchanged line and chopped around near that level for the remainder of the session. The energy component settled just 0.1% higher at 93.82 per bbl, booking a 0.8% loss on the week.
Dec Nat Gas trended higher on the day, advancing to a session high of 3.67 per MMBtu. It lifted from its session low of 3.59 per MMBtu set moments after floor trade opened and settled with a 1.7% gain at 3.66 per MMBtu. Friday’s advance brought gains for the week to 2.8%.
Moving this market
The S&P 500 tracked to record highs
Energy sector underpinned by Exxon Mobil (NYSE:XOM) after Berkshire Hathaway disclosed a 40.1-M/shr stake in the company
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