Wall Street Closes the Week with Gains, Setting New Records
U.S. stock indices finished the week with gains despite fluctuations in the bond and oil markets.
U.S. stocks closed higher on Friday, capping off a record-breaking week despite choppy trading in the oil and bond markets.
Friday Gains in Indices
The S&P 500 index posted a 0.6% increase following a day in which it reached an all-time high.
The Dow Jones Industrial Average rose 423 points, or 0.8%, while the Nasdaq composite index also gained 0.6%.
Fluctuations in the Oil Market
Uncertainty over when the global energy industry will return to normal caused oil prices to follow a volatile course.
Brent crude oil prices fluctuated during the session, closing the day up 0.4% at $104.72 a barrel.
Bond Yields and Inflation
The yield on the 10-year U.S. Treasury note rose from Thursday's level to reach 5.24%.
Inflation concerns and high debt loads were among the primary reasons behind the recent volatility in the bond market.
Changes in Corporate Shares
Humana staged a strong rally of 11.6% following positive data regarding its Medicare Advantage plans.
Following SpaceX's spectrum move, tower company stocks Crown Castle and American Tower experienced noticeable gains.
Airlines and Consumer Data
Delta Air Lines reported summer financial results that fell slightly short of expectations, pointing to rising fuel costs.
A preliminary report prepared by the University of Michigan showed that consumers revised their inflation expectations upward for the coming year.