Market Wrap: S&P Sets Record, Nasdaq Hits 15-Year High

Financial Markets Wall Street
Richard Drew/AP
By Sinead Carew

NEW YORK -- The S&P 500 index closed at a record high Friday, as energy shares gained with oil prices, while the Nasdaq composite index hit a 15-year high helped by technology stocks.

Equities rallied this week after a ceasefire agreement between Ukraine and Russia and apparent progress toward a deal on Greek debt.

%VIRTUAL-pullquote-It's possible there's a sentiment that technology is turning the corner.%The Nasdaq had the strongest gains of the three main indexes Friday. A strong report by Cisco Systems (CSCO) earlier in the week led some investors to conclude that technology demand is improving, said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois.

"It's possible there's a sentiment that technology is turning the corner," he said.

The market gained momentum late in the session after many traders had held off on making big bets earlier in the last trading day before a long weekend. U.S. markets are closed Monday for the Presidents Day holiday.

The Dow Jones industrial average (^DJI) rose 46.97 points, or 0.26 percent, to 18,019.35, the Standard & Poor's 500 index (^GSPC)gained 8.51 points, or 0.41 percent, to 2,096.99, a record high. The Nasdaq composite (^IXIC) added 36.22 points, or 0.75 percent, to 4,893.84.

The Russell 2000 index (^RUT) of small-cap shares also finished at a record high.

For the week, the Dow rose 1.1 percent, the S&P 500 gained 2 percent and the Nasdaq added 3.2 percent.

Oil Tops $60

The S&P energy sector closed up 1.95 percent as oil topped $60 for the first time in 2015 despite persistent worries about oversupply.

In contrast, the S&P utilities sector was the worst performer, falling 1.6 percent, closing down for the third day in a row. Many investors are leaving safe-haven utilities stocks as they anticipate U.S. Federal Reserve interest rate increases later this year.

American Express (AXP) weighed on the S&P index with a 3 percent decline. Several brokerages slashed price targets for the company after Costco (COST) said it would stop accepting American Express cards in its U.S. stores.

Of the 391 S&P 500 companies that have reported earnings, about 71.1 percent have topped profit expectations, according to Thomson Reuters (TRI) data, while 57.5 percent have beaten on revenue.

The earnings growth rate for the quarter is 6.6 percent, down from the 11.2 percent expected on Oct. 1, but up from 4.2 percent expected on Jan. 1.

U.S. import prices tumbled 2.8 percent in January, the largest decline since December 2008 and the seventh straight month of declines, indicating inflation pressures could remain subdued, while consumer sentiment fell from an 11-year high.

About 6.5 billion shares changed hands on U.S. exchanges, below the 7.3 billion average so far this month, according to BATS Global Markets.

NYSE advancers outnumbered decliners 1,919 to 1,146, for a 1.67-to-1 ratio; on the Nasdaq, 1,726 issues rose and 983 fell, a 1.76-to-1 ratio.

The S&P 500 posted 76 new 52-week highs and 1 new low; the Nasdaq composite recorded 111 new highs and 29 lows.

What to watch Monday
  • U.S. stock and bond markets are closed for Washington's Birthday.
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Market Wrap: S&P Sets Record, Nasdaq Hits 15-Year High
If you're in the market for a new TV, now's the time to pounce. Not only are there post-Super Bowl sales, but the new models revealed at the Consumer Electronics Show in early January means retailers are dropping prices on old models to make way for new goodies. According to, prices on HDTVs will drop by 60 percent or more this month.
Keep an eye out for emails, social media blasts and newspaper inserts advertising Presidents Day sales, which will take place on and around the holiday. This year's Presidents Day is Monday, Feb. 16, and you can expect notable discounts on myriad items, including furniture, apparel and home goods. Expect price drops as much as 60 percent to 90 percent off retail.
You may be dealing with snow delays and plowing trucks, but retailers have spring on the brain. Because they're eager to move sweaters, jeans, cardigans, outerwear, boots and the like off their shelves, they've marked down all of the above up to 80 percent off. That's good news for the buyer, who can still get plenty of wear out of their discounted winter apparel purchases throughout the rest of winter.
Speaking of winter merchandise, also expect to find deals on winter sports goods, including skis and snowboards. "Presidents Day is the last hurrah for ski resorts," says. "With the season winding down, this is a great opportunity to get gear for next year at up to 60 percent off."
Whether you're buying for yourself or someone else, post-Valentine's Day in February is the best time to buy a little bling. If you're OK waiting until after the holiday to buy, take advantage of the more robust sales that occur after Feb. 14. says that discounts range from 60 percent to 85 percent off the manufacturer's suggested retail price.
February is a low season for travel. Because demand for all things travel-related has decreased, you're apt to find excellent deals on flights, cruises, hotel accommodations and city attractions. You can also expect to find luggage on sale, making it an ideal time to upgrade your suitcases and carry ons.
As Americans groan and complain about the inconvenience of tax season, perhaps their spirits can be slightly lifted by the tax software deals happening right now. For example, TurboTax (INTU) announced it is offering 100 percent free filing this year on both federal and state taxes for 1040EZ/A filers. Tax software boxes, tax filing companies and online tax filing agencies will likely offer incentives to file with them throughout the month, as well.
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