Stock market notches fresh round of records to end the week ahead of Christmas
U.S. stocks on Friday booked healthy gains for the day and the week, with with the U.S.'s main benchmarks marking a record close, following a week that was marked by an improving outlook for the domestic economy and optimism pegged to progress toward a preliminary trade pact between China an the U.S. The Dow Jones Industrial Average rose 77 points, or 0.3%, to 28,454, the S&P 500 index advanced 0.5% to finish at 3,221, while the Nasdaq Composite Index finished with a gain of 0.4% to 8,924. All three closed the session at all-time highs. The session also marked the eighth straight gain for the Nasdaq and its seventh straight record, marking its longest period of all-time closing highs since the seven record days ending Feb. 15, 2017, according to Dow Jones Market Data. For the week, the Dow closed up 1.1%, the S&P 500 finished 1.7% higher and the Nasdaq ended the stretch with a 2.2% gain. In economic data, the Commerce Department's third estimate of third-quarter GDP, published Friday, left growth unchanged 2.1%, with strong consumer spending offset by weaker business investment in inventories. In corporate news, Boeing shares fell 1.7% after its new Starliner capsule ran into trouble and went off course in orbit minutes after blasting off Friday on its first test flight, a crucial dress rehearsal for next year's inaugural launch with astronauts. Friday's trade also marked quadruple witching, the simultaneous expiration of stock-index and individual stock futures and options contracts, which has tended to yield volatility.