U.S. stocks closed higher Friday, edging further into record territory as investors welcomed a move by China to stimulate its economy by lowering interest rates.
Hints from the head of Europe’s central bank that it might step up its own stimulus efforts also helped lift stocks. The Dow Jones industrial average and the Standard & Poor’s 500 index closed at record highs.
The Dow climbed 91.06 points, or 0.5 per cent, to 17,810.06.
The S&P 500 index added 10.75 points, or 0.5 per cent, to 2,063.50.
The Nasdaq composite rose 11.10 points, or 0.2 per cent, to 4,712.97.
For the week:
The Dow rose 175.32 points, or about 1 per cent.
The S&P 500 index rose 23.68 points, or 1.2 per cent.
The Nasdaq rose 24.43 points, or 0.5 per cent.
For the year:
The Dow is up 1,233.40 points, or 7.4 per cent.
The S&P 500 index is up 215.14 points, or 11.6 per cent.
The Nasdaq is up 536.38 points, or 12.8 per cent.