United States stocks end higher, close out strong week of gains

NVIDIA Corp shares jump after a broker upgrades the stock- Source Wikimedia Commons

NVIDIA Corp shares jump after a broker upgrades the stock- Source Wikimedia Commons

NY stock markets ended the week on an upbeat note, with new records for the Dow and S&P as investors brushed off weak United States economic data and another North Korea missile launch.

Led by gains in the price of gas, housing and vehicle insurance, consumer prices increased 0.4% in August, beating estimates for a 0.3% increase.

The disappointing USA data, which included industrial output in August, came after a report that showed the strongest increase in consumer prices in seven months.

Geopolitical issues remained in view after North Korea fired a missile over Japan (http://www.marketwatch.com/story/un-security-council-to-hold-emergency-meeting-after-latest-north-korean-missile-test-2017-09-14) for the second time in less than a month, defying rising global efforts to force it to abandon course.

The benchmark gained 0.2 percent to 2,500.23 Friday, capping its biggest weekly advance since January, as technology shares rebounded and banks climbed with Treasury yields. Dental supply company Henry Schein gave up $3.25, or 1.9 percent, to $165.63 and drugmaker Gilead Sciences lost $1.40, or 1.7 percent, to $81.76. Technology stocks helped indexes to gain. While the U.K.'s FTSE 100 Index tumbled by 1.1 percent, the French CAC 40 Index and the German DAX Index both edged down by 0.2 percent.

America's dominant stock market index, the Standard & Poor's 500, has passed the threshold of 2,500 for the first time in its 60-year history.

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The tech sector (+0.3%) broke its two-day losing streak, as the PHLX Semiconductor Index (+1.7%) rose for the fifth straight day and Apple (+1%) snapped out of its recent funk.

The Dow rose 34 points, or 0.2 percent, to 22,237. US retail sales unexpectedly fell in August (http://www.marketwatch.com/story/us-retail-sales-slump-near-end-of-summer-2017-09-15), dropping 0.2% in their second decline of the past three months.

Traders may have been expressing optimism that the impact of the hurricanes may lead the Federal Reserve to delay an increase in interest rates.

Boeing rose $3.77, or 1.5 percent, to $249 as the aerospace company continued to set record highs.

FED WATCH: Investors were also digesting the first of a batch of USA economic data as they await the Fed's next move on interest rates.

CURRENCIES: The dollar dipped to 110.61 yen from 110.66 yen. Japan's benchmark Nikkei 225 index added 0.5 percent. The euro weakened to $1.1906 from $1.1919.

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