Stocks continued their upward trend Friday as the market got their fourth straight week of gains that was attributed to the encouraging economic reports that prompted investors to opt for shares of growth companies. The Standard & Poor’s 500 Index and the Dow closed at record highs that were caused by gains in industrial and energy shares. The indexes gained to record levels as part of the rally that has advanced equities more than 16 percent in the present year.
As a sign of things to come, the S&P 500 is 1,000 above the low in March 2009 prior to the credit crisis and recession. Shares went up late Friday as the S&P 500 increased 1 percent right after the closing bell. Analysts said it is difficult to hold the market down.
Information indicated Americans felt better about their financial and economic futures in early May. Consumer sentiment was at its highest in six years. The gauge of future economic activity went up in April to an almost five year high.
The rate of growth in the nation’s economy was expected to slow in the second quarter due to the effect of tighter fiscal policy. The improvements in recent weeks suggested that the recovery of the economy remains resilient.
The Dow Jones Industrial average increased 121.18 points to close at record reading 15,354.40. The Standard & Poor’s 500 Index went up 15.65 points to close at a record 1,666.12. The Nasdaq Composite Index increased 33.72 points to 3,498.97, which was the highest close since October 2000.
