The S&P 500 drifted to a fresh high as investors drew confidence from a blockbuster round of earnings.
The broad stock-market gauge added 7.17 points, or 0.2%, to 4468.00 on Friday, clinching its 48th record close of 2021. The Dow Jones Industrial Average added 15.53 points, or less than 0.1%, to 35515.38. The tech-heavy Nasdaq Composite edged higher 6.64 points, or less than 0.1%, to 14822.90.
The trading session was marked by muted moves, with major indexes hugging the flatline during the day. Still, the Dow and S&P 500 inched higher to concurrent records for the fourth consecutive session, something that hasn’t happened since October 2017, according to Dow Jones Market Data.
Stocks have ground higher in thin summer trading in recent sessions, bolstered by a rapid pace of earnings growth at the biggest American companies, even as the spread of the Delta variant threatens to sap some speed from the economic recovery. Companies including Walt Disney and Tyson Foods posted a big jump in profits this week, and around 86% of S&P 500 constituents that have filed quarterly reports have beaten analysts’ expectations.
“There’s been a lot of reasons for people to remain optimistic,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. “I do think the stock market moves higher from here.”
