Investing.com – The S&P 500 closed in record territory on Friday, led by a surge in technology stocks pushing the index to its eight straight quarter of gains as traders shrugged off weaker than expected inflation.
The Dow Jones Industrial Average closed higher at 22387. The S&P 500 closed 0.37% higher while the Nasdaq Composite closed at 6495.96, up 0.66%.
In what was the final trading day of the quarter, risk sentiment spiked as investors piled in stocks despite mixed economic reports on consumer spending and inflation.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1% last month. The commerce department said Friday.
Inflation, however remained subdued, as the core personal consumption expenditures price index slowed to 1.3% in August from 1.4% in July. The core PCE is the Federal Reserve's preferred inflation measure and has a 2 percent target.
On the political front, investors weighed the possibility of a new Federal Reserve chair amid speculation surrounding the future of Janet Yellen’s position after both President Donald Trump and U.S. Treasury Secretary Steven Mnuchin reportedly met with Kevin Warsh to discuss the possibility of his nomination to replace Janet Yellen.
In corporate news, Nike Inc (NYSE:NKE) rounded off a disappointing week falling 1.5% following an earnings report earlier the week showing Nike continued to lose market share in the U.S. to its rival Adidas (DE:ADSGN).
'Bulls and Bears' on Wall Street
The top Dow gainers for the session: Cisco Systems Inc (NASDAQ:CSCO) up 0.8%, Microsoft Corporation (NASDAQ:MSFT) up 0.8% and Home Depot Inc (NYSE:HD) up 0.7%
Nike Inc (NYSE:NKE) down 0.5%, Wal-Mart Stores Inc (NYSE:WMT) down 1% and McDonald’s Corporation (NYSE:MCD) down 0.5%, were among the worst Dow performers of the session.