It surpassed its prior record set Wednesday by 0.09 percent, the latest nudge higher for a market that has taken a decidedly slow-and-steady path to all-time highs in recent weeks. Utilities rose 1.2% and telecommunications services increased 1%.
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The Standard & Poor’s 500 index rose 9.86 points, or 0.5 percent, to 2,175.03 Friday. The Dow Jones industrial average was flat at 18,515. The Nasdaq composite fell 26, or 0.5 percent, to 5,029.
The S&P 500 recovered most of its 0.4% loss from a day earlier.
“I think people are a little more sensitized, where any tick lower in the market creates this “buy-on-the-dip” mentality”, said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management. The index has yet to have a day where it moved by 1%, up or down, in the last two weeks.
The drop by Intel came after the company reported better than expected second quarter earnings but on revenues that were just shy of estimates.
Of the 103 S&P 500 companies that have reported as of Thursday, 67 percent have beaten estimates, slightly higher than the 63 percent over the whole of a typical quarter, according to Thomson Reuters data.
S&P 500 e-minis were up 3.5 points, or 0.16 percent, with 151,468 contracts traded. The gains sent all three indexes to their fourth consecutive winning week, their longest streak since March. The European Central Bank left its interest-rates unchanged at today’s meeting, while President Mario Draghi signalled policy makers will consider adding fresh stimulus later this year when it has a clearer picture of the Brexit impact.
The stock was the biggest drag on the S&P and Nasdaq.
Shares of several leading European banks have slumped to multi-year lows on the back of deteriorating profits, worries over loans gone sour and sluggish lending growth.
“These numbers are confirming the earning bounce back we were expecting, given flat oil prices and a flat USA dollar”, J.P. Morgan’s Kelly said.
The Fed pulled rates off their record low in December but has held pat since then.
ENERGY: The price of USA crude oil rose 16 cents to $45.91 per barrel. The S&P 500’s information technology index closed down 0.5%.
SOLD: Southwest Airlines fell $3.62, or 8.6 percent, to $38.41 after reporting revenue and earnings growth that fell short of analysts’ expectations.
Intel (INTC.O) shares fell 4%.
NOT SO SWEET: Honeywell International fell $5.42, or 4.6 percent, to lead industrial stocks lower. In Europe, a composite measure for manufacturing and services showed stronger-than-forecast July data in Germany, while a similar index in the United Kingdom plunged to a seven-year low in the wake of Brexit.
Eight of the 10 major S&P sectors were lower in afternoon trading. It lost money in the latest quarter, but less than analysts estimated. Economists are speculating about whether its central bank will push more stimulus. While the German DAX Index inched up by 0.1 percent, the French CAC 40 Index edged down by 0.1 percent and the U.K.’s FTSE 100 Index fell by 0.4 percent.
BONDS: The yield on the 10-year Treasury note fell to 1.55% from 1.56% late Thursday, reversing course from gains earlier in the day. Brent crude, the global benchmark, fell 75 cents, or 1.6 percent, to $45.46 a barrel in London.
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Gold stocks also held on to strong gains, as gold for August delivery climbed $11.70 to $1,331 an ounce. The ICE U.S. Dollar Index, which measures the greenback against a basket of currencies, hit a four-month high Wednesday as investors signaled a stronger expectation that the U.S. Federal Reserve would raise interest rates this year. On the Nasdaq, 1,559 issues fell and 1,155 advanced.
