The Dow Jones industrial average and the Standard Poor’s 500-stock index ended at milestone highs on Friday, as shares posted a third consecutive week of gains when a rise in Google and other technology shares offset a slide in energy stocks.
Nasdaq led gains, bolstered by a 1 percent rise in Google’s stock.
Indexes were flat for much of the session, but managed a late-day surge. On Thursday, the S. P. 500 broke a five-day streak of new closing highs.
Stocks have risen on the Federal Reserve’s bond buying and some encouraging corporate earnings, but analysts said the momentum could wane without further positive signs.
“I think it’s going to be hard to maintain these levels in the short term,” said Natalie Trunow, chief investment officer of equities at Calvert Investment Management in Maryland, which has about $13 billion in assets.
“There are not a lot of positive catalysts to keep it going,” she said, noting that spending cuts by the federal government could pressure the economy in the near term.
Oil prices tumbled as the dollar hit a four-and-a-half-year high against the yen, and the dollar index was on track for its strongest week in 10 months against other major currencies. A strong dollar makes commodities priced in dollars, like gold and oil, more expensive for foreign investors, pressuring shares of energy and basic materials companies.
The Dow Jones industrial average was up 35.87 points, or 0.24 percent, at 15,118.49. The S. P. 500 was up 7.03 points, or 0.43 percent, at 1,633.70. The Nasdaq composite index was up 27.41 points, or 0.80 percent, at 3,436.58.
The S. P. 500 is up 14.6 percent for the year. For the week, the Dow rose 1 percent, the S. P. 1.2 percent and the Nasdaq 1.7 percent.
Among energy stocks, Exxon Mobil lost 1 percent to $90.14.
Shares of Hess slid 2.3 percent to $69.30. John B. Hess, its chief executive and son of the company’s founder, is being stripped of his duties as chairman as the oil and gas company scrambles to keep an activist investor at bay.
The S. P. energy index dropped 0.5 percent as Brent and West Texas Intermediate crude oil prices fell.
Shares of Priceline jumped 3.8 percent to $765.41, a day after the online travel company reported a first-quarter profit that topped estimates.
The benchmark 10-year Treasury note fell 25/32 to 98 21/32. Its yield rose to 1.90 percent, from 1.81 percent.
Article source: http://www.nytimes.com/2013/05/11/business/daily-stock-market-activity.html?partner=rss&emc=rss
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