S&P Hovers at Record Levels

Stocks were mostly little changed, but the S&P 500 managed to tick higher as the benchmark index heads for yet another weekly gain during the holiday-shortened trading week.

The Dow Jones Industrials dipped 90.39 points to open Friday at 39,217.61.

The much-broader index inched up 3.26 points to 5,540.28.

The NASDAQ pushed forward 75.52 points to 18,263.83.

The S&P 500’s rally this year has grown to 16% with the benchmark on pace for its fourth positive week in the last five as investors bet any economic weakness later this year will be met with a Federal Reserve rate cut.

Widely monitored labour data released Friday morning reflected a 206,000 increase in nonfarm payroll adds in June and a slight uptick in the unemployment rate, which rose to 4.1%. Economists expected the jobless rate to remain steady at 4%.

The NASDAQ has improved 3.2%, and S&P 500 has climbed more 1.6% in the week. Both closed at all-time highs and notched new intraday records on Wednesday. The Dow has lagged this week, adding around 0.3%.

Nvidia shares dropped 0.6% following a rare Wall Street downgrade, which cited limited upside for the chipmaker. The stock is still up 2.6% for the week. Tesla rose 1%, adding to its whopping week-to-date gain of more than 25%.

Prices for the 10-year Treasury jumped, lowering yields to 4.31% from Wednesday’s 4.35%. Treasury prices and yields move in opposite directions.

Oil prices eked up 0.02 cents at $83.90 U.S. a barrel.

Gold prices bounced $17.60 to $2,387

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