US stocks are ending the summer with a bang.
A devastating hurricane and weak US jobs data weren’t enough to hold US stocks back this week, as all three major indices posted weekly advances, and a strong showing for tech and biotech stocks helped the Nasdaq notch its best weekly performance so far this year.
The Nasdaq gained 0.1 per cent on Friday to hit a fresh all-time closing high of 6,435.3. A 2.71 per cent increase over the past five days marked the index’s best weekly performance since December.
The Dow Jones Industrial Average ended the day up 0.18 per cent to 21,987.56. An 0.8 per cent increase represented its second weekly gain in a row.
The S&P 500 advanced 0.2 per cent to 2,476, with a boost from the energy sector. It has gained 1.37 per cent over the past five days for back-to-back winning weeks.
Ten-year US Treasury notes fell as fears crept back in about the looming debt-ceiling debate that will resume when Congress returns from its August recess next week. Yield on the 10-year note — which moves inversely to its price — rose 4.3 basis points to 2.16 per cent. The dollar index, which measures the buck against a basket of peers, crept up 01.7 per cent to 92.83, eking out a 0.1 per cent gain on the week.
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