Markets continued to edge higher
The stock markets continued to reach new highs driven by gains in financial and technology stocks. The better-than-expected 3Q17 GDP growth rate, higher earnings from technology companies, and tax cut hopes are providing a tremendous boost to equity markets. The S&P 500 (SPX-INDEX) (SPY) rose 0.23% last week and closed at 2,581—a lifetime high. The Dow Jones Industrial Average (DJI-INDEX) (DIA) rose 0.45% and closed at 23,434, while the NASDAQ Composite (COMP-INDEX) reported the highest gains of 1.1%.
Financial index is progressing well
The 0.56% gain in the S&P 500 Financials Index was mainly driven by Bank of America (BAC) and JPMorgan Chase (JPM), which rose 2.32% and 2.27%, respectively. The other major gainers in the financial sector were Wells Fargo (WFC), Morgan Stanley (MS), and U.S. Bancorp (USB), which rose 1.73%, 0.95%, and 0.65%, respectively. Goldman Sachs (GS) lost 1.23%. It was the only major financial stock that provided negative returns during the week.
The Financial Select Sector SPDR ETF (XLF) rose 0.53%, while the Vanguard Financials ETF (VFH) rose 0.55%. The S&P Insurance Select Industry Index (SPSIINS) fell 0.46%.