U.S. equities closed at all-time highs on Friday, as the major indexes posted their best week since the election.
The Dow Jones industrial average rose about 130 points heading into the close, with 3M and Apple contributing the most gains. The Nasdaq composite gained about 0.5 percent, as Apple advanced more than 1.5 percent.
The S&P 500 gained 0.6 percent, with consumer staples and health care leading advancers.
"People are predisposed to think stocks are maybe going to pay less in taxes" and that we're getting better economic data in the future, said Kim Forrest, senior equity analyst at Fort Pitt Capital. "I think we're in the clear for a little while."
All major indexes have been hitting record highs since the election. In fact, the Dow has notched 14 record closes since then and gains in 20 of the past 24 sessions.
The Dow, S&P 500, and Nasdaq also did something they haven't done in more than five years: all three rose each day of this trading week. The last time all three rose every day during the same trading week was September 2011.
The small-caps Russell 2000 and the S&P Mid Cap 400 have easily outperformed the Dow, S&P and Nasdaq since Nov. 8, rising 16 percent and 12 percent, respectively.
"is this sustainable? Yes. The market is a forward-looking indicator. If in fact we get regulatory reforms, [small and mid-cap stocks] will benefit greatly from that," said Pacer's O'Hara. "It's going to help large caps, but it's the small and mid caps that that will benefit the most." 1
Oil prices rose about 1 percent on Friday, trading within a narrow range, on hopes that non-OPEC producers meeting in Vienna over the weekend would agree to cut output to bolster OPEC's own agreement to limit production.
Still, a strong U.S. dollar sapped some of the price strength, and both crude benchmarks remained nearly 2 percent below the highs reached after the Organization of the Petroleum Exporting Countriesannounced plans to cut production late last month.
On Saturday, oil ministers from OPEC countries will meet non-OPEC producers in Vienna to seek help in curbing a global glut. U.S. crude for January delivery settled up 66 cents, or 1.3 percent, at $51.50 a barrel. 2
