This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Rise as S&P 500 Extends Record High

NEW YORK (TheStreet) -- Major U.S. indices were rising Friday, extending the S&P 500's record highs and eyeing possible weekly gains.

Markets were being bolstered by the Federal Reserve's supportive policy announcement earlier this week. But further upside remained restricted by the troubles igniting in Iraq.

The Dow Jones Industrial Average was rising 0.3% to 16,964.72. The S&P 500 rose 0.2% to 1,962.63. The Nasdaq was up 0.07% to 4,362.43. Higher-than-usual volume is expected Friday due to quadruple witching, which refers to the expiration of various stock index futures, stock index options, stock options and single stock futures. 

European markets were mixed. The FTSE in London rose 0.3% while stocks in Frankfurt and Paris fell less than 1%.

President Barack Obama has sent 300 U.S. Special Operations troops to support the Iraqi army in combatting insurgents from the al-Qaeda splinter group, Islamic State of Iraq and Syria (ISIS). President Obama said additional action is possible if needed, but that combat troops will not be sent to Iraq.

Jeffrey Saut, Raymond James' chief investment strategist, wrote that while Wednesday's "Fed Fling" could carry into Friday's option expiration, he still thinks the 1950-1975 level could offer stiff resistance in the short-term. "While the market's daily internal energy has been rebuilt, the weekly has not," he predicted. "If we do get a pullback, it should be contained at the 1940-1950 level."

Stocks in focus Friday include General Electric (GE), AbbVie (ABBV - Get Report), Oracle (ORCL - Get Report) and Darden Restaurants (DRI).

Oracle was declining 5.2% to $40.31 after the business software maker posted fourth-quarter earnings and revenue that missed analysts' estimates. Germany's Siemens (SI) and Japan's Mitsubishi Heavy Industries raised their joint proposal for Alstom following GE's sweetened bid for the French company's energy business. Shire (SHPG), the U.K. drugmaker, rejected a $46.35 billion takeover bid from rival AbbVie. Shares of Shire rose 16.4% to $223.20; AbbVie shares fell 0.3% to $54.05. Darden shares declined 2.6% after the restaurant operator said quarterly profit fell 35%.

The S&P 500 quietly broke a record high Thursday as markets made up for slight losses earlier in the day.

-- By Andrea Tse in New York

June 20 Premarket Briefing: 10 Things You Should Know

European Stocks Lose Momentum but Remain Higher

S&P 500 Quietly Breaks Record High as Markets Drift Up

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
ABBV $68.51 0.00%
ORCL $40.24 0.00%
AAPL $126.60 0.00%
FB $86.91 0.00%
GOOG $521.84 0.00%

Markets

DOW 17,757.91 +138.40 0.79%
S&P 500 2,077.42 +14.31 0.69%
NASDAQ 5,013.1230 +26.2560 0.53%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs