Market Commentary S&P 500 ends the week at a new record
• US stocks were mixed on Friday, with the S&P 500 closing at a fresh record. The Nasdaq, boosted by tech, gained nearly 1.9% to reach 14,069. The Dow was down 0.8% at 34,479, and the S&P 500 eking out a gain of 0.4% to finish the week at a record 4,247.
• REITs were the best performing major sector for the week, up 2%, followed by the health care sector’s 1.9% gain. Consumer discretionary stocks rose 1.6%. Tech climbed 1.4%, helped by a decline in interest rates. But the financial sector lost 2.4% as interest rates fell, and it was the worst performing sector for the week. Financials fell with other cyclicals, like materials, off 2% for the week and industrials off 1.7%.
• China’s CSI 300 index slid 0.9%, while Singapore shares reversed their gains on Friday to end the week in the red, with the Straits Times Index falling 0.14% to end at 3,157.97. The Shanghai Composite Index fell 0.6% and the Shenzhen Composite Index declined 0.6%. The Nikkei Stock Average ended down 0.03% as gains in pharmaceutical stocks help offset losses in financial and machinery stocks. The Topix, a broader market index, dropped 0.1%.