|
 Energy shares dropped, however, after Goldman Sachs cut its oil
price forecast through next year.
Eight of the 10 S&P 500 sectors closed higher, led by gains in
utilities, which tend to rise as bond yields fall. The index ended
up 0.8 percent, while 10-year U.S. Treasury note yields dipped.
Investors are awaiting next week's Fed monetary policy meeting and
news on whether it will raise benchmark U.S. rates for the first
time in almost a decade.
"It's really Fed watch. That's what traders are waiting for," said
Tim Ghriskey, chief investment officer of Solaris Group in Bedford
Hills, New York.
"There's speculation the Fed might hold off, and if they do, I think
we'll see stocks rally. But to us, it's not a question of if the Fed
raises rates but when. It's going to happen."
The Dow Jones industrial average rose 102.69 points, or 0.63
percent, to 16,433.09, the S&P 500 gained 8.76 points, or 0.45
percent, to 1,961.05 and the Nasdaq Composite added 26.09 points, or
0.54 percent, to 4,822.34.
For the week, the S&P was up 2.1 percent and the Nasdaq rose 3.0
percent, registering their biggest weekly percentage gains since
mid-July. The Dow was up 2.1 percent for the week, its best weekly
percentage increase since late March.
Stocks have been volatile since China devalued its currency in
August amid concerns of sputtering growth in the world's
second-largest economy. The S&P 500 has had moves of at least 1
percent in 11 sessions since Aug. 20.
The Fed has said it will raise rates when it sees a sustained
economic recovery, especially in the job market.
The day's data signaled moderate economic growth and tame inflation.
U.S. consumer sentiment dropped to its lowest in a year in early
September, while producer prices for August were flat.
[to top of second column] |
Oil prices fell after the Goldman forecast, which cited oversupply
and concerns over China's economy. Goldman said crude could fall as
low as $20 a barrel. ConocoPhillips, down 2.2 percent at $47.36, was
the biggest drag on the S&P 500.
Gilead rose 2.2 percent to $109.63 after the company's $10 billion
debt offering this week fueled speculation it was planning a big
acquisition.
On the down side, Zumiez fell 32.5 percent to $14.63 after the
sports apparel and accessories maker forecast third-quarter sales
and profit below analysts' estimates.
Volume was light. About 6.0 billion shares changed hands on U.S.
exchanges, compared with the 8.0 billion daily average for the past
20 trading days, according to Thomson Reuters data.
Advancing issues outnumbered declining ones on the NYSE by 1,629 to
1,429, for a 1.14-to-1 ratio on the upside; on the Nasdaq, 1,565
issues rose and 1,216 fell for a 1.29-to-1 ratio favoring advancers.
The S&P 500 posted one new 52-week high and 10 new lows; the Nasdaq
recorded 32 new highs and 87 new lows.
(Editing by Nick Zieminski and James Dalgleish)
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