Published: Sun, September 17, 2017
World | By Paul Elliott

U.S. stocks end higher, close out strong week of gains

U.S. stocks end higher, close out strong week of gains

The Nasdaq Composite Index rose 19.38 points, or 0.3%, to close at 6,448.47.

- Reuters picNEW YORK, Sept 15 ― United States stocks were little changed today, but the Dow eked out another record high, as investors shrugged off North Korea's latest missile test and domestic economic data that did little to move the needle on the timing of an interest rate hike.

"Investors have been programmed to more or less ignore stuff with Korea". "As inflation goes higher, that puts pressure on P/E ratios". "We've learned to buy on the dips", said Terry Morris, senior vice president and senior equity manager for National Penn Investors Trust Company.

Graphics chip maker Nvidia Corp (NASDAQ:NVDA) was wanted, rising 6.3% to US$180 on the back of a price target rise by Evercore ISI to US$250 from US$180.

The S&P 500 Index rose 0.2 per cent to 2500.22 as of 4pm NY time. The company's stock had a trading volume of 1,558,020 shares.

Business software maker Oracle slumped 7.7 percent after issuing a disappointing forecast for its cloud computing business.

Following the mixed performance seen in the previous session, stocks moved modestly higher over the course of the trading day on Friday.

"The market reaction to the latest launch would suggest investors are getting a little tired with North Korean threats, but this could easily change if there is any escalation", suggested Jasper Lawler at spread betting firm LCG. The latest economic data failed to provide clarity on the state of the economy.

The University of Michigan's Consumer Sentiment Index was affected by USA weather-related issues, which were a factor for the Index's decrease from 96.8 to 95.3. Separately, the Empire State factory gauge hit 24.4 in September, down slightly.

Retail sales decreased -0.2% for the month.

"Motor vehicle and parts sales tumbled 1.6% in August, but replacement of hurricane-damaged vehicles in coming months will push up sales, and possibly prices, of both used and new vehicles", predicted Berenberg Capital Markets. Receipts at retail stores fell 0.2% in August, data from the Commerce Department showed Friday. The missile was said to have travelled 3,700km before landing in the sea off Hokkaido, flying further and higher than another one fired over Japan last month.

Equifax EFX.N fell 2.35 percent after the Federal Trade Commission opened a probe into the company's massive data breach.

The ICE U.S. Dollar Index lost ground, but still was up for the week.

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