It was a hurrah time for the US stock market as the Dow and the S&P 500 touched the record levels, setting the benchmark index up to score its fourth weekly advance over the past five on Friday.
The S&P 500 index witnessed a six-day run of gains, which was its longest winning streak since mid-April. This week, the S&P 500 has advanced 1.3 percent, Dow .DJI has gained 1.1 percent and the Nasdaq has added 1.2 percent.
Market analysts say the trading is expected to become volatile as the session progresses. They say Friday witnesses “quadruple witching”, as traders close hedging positions or roll them over at the last minute towards the expiration of stock options, index futures and options and single-stock futures.
“I haven’t been concerned for weeks, but I’m becoming a bit concerned now with where the market is, especially with many indicators hitting levels that are contrary to the normal reading,” said Randy Frederick, managing director of active trading and derivatives for Charles Schwab in Austin, Texas.
KEY HIGHLIGHTS OF THE MARKET
- The Dow Jones industrial average .DJI rose 21.67 points or 0.13 percent, to 16,943.13, after touching a record intraday high of 16,978.02.
- The S&P 500 .SPX gained 1.34 points or 0.07 percent, to 1,960.82, after climbing to a record intraday high of 1,963.91.
- The Nasdaq Composite .IXIC dropped 1.77 points or 0.04 percent, to 4,357.56.