NEW YORK:- US stocks finished higher Friday, continuing to ride the positive momentum from Wednesday’s Federal Reserve meeting as the last full week of trade of 2014 ended.
The Dow Jones Industrial Average added 26.65 points (0.15 percent) at 17,804.80.
The broad-based S&P 500 rose 9.42 (0.46 percent) to 2,070.65, about five points below its record, while the tech-rich Nasdaq Composite Index advanced 16.98 (0.36 percent) to 4,765.38.
Friday’s advances were comparatively modest after two days of torrid gains after the Fed kept interest rates low and said it would be “patient” before raising them.
The rally once again underscored the resonance of the buy-the-dip trade, said Michael James, managing director of equity trading at Wedbush Securities. US stocks sank early in the week on concerns about low oil prices and the crashing Russian ruble.
“Investors here and abroad realize the US equity market remains the best option for equity investments and people are willing to put money to work when there are pullbacks,” he said.
Dow member Nike fell 2.3 percent on concerns that the strong dollar was weighing on future product orders in overseas markets. Earnings for the fiscal second quarter rose 22 percent to $655 million.
Dow member McDonald’s fell 0.4 percent as the National Labor Relations Board charged the fast-food company with illegally punishing workers for union activities in 13 regions around the US.
Juno Therapeutics, a biotech company developing cancer treatments, shot up 45.8 percent in its first full day of trade following its initial public offering.
Software company Red Hat vaulted 10.6 percent higher after reporting that sales for the fiscal 2015 third quarter rose about 15 percent to $455.9 million.
Petroleum-linked equities jumped on rising oil prices. Dow members ExxonMobil and Chevron gained 2.7 percent and 3.6 percent, respectively, while oil-services company Schlumberger rose 3.9 percent.
Bond prices rose. The yield on the 10-year US Treasury dipped to 2.18 percent from 2.20 percent Thursday, while the 30-year dropped to 2.77 percent from 2.81 percent. Bond prices and yields move inversely.