US Markets Close At Record Levels

Markets in US closed at record levels on Friday’s trade as the market posted strong weekly gains.

The Dow Jones industrial average rose 64.86 points to close at 22,2686.34, a record. The index also posted an intraday high of 22,275.02

The S&P 500 also notched record highs, advancing 0.2% to finish at 2,500.23. Friday also marked the primary time the index broke above 2,500.

The Nasdaq composite outperformed, closing 0.3% better at 6,448.47; it also managed to an intraday file of 6,464.27.

The SPDR S&P Bank exchange-traded fund (KBE) gained 4.2% for the week, its biggest weekly rise since June. The jump comes on the back of stronger-than-expected inflation numbers which elevated expectations for a Federal Reserve price hike.

The Labour department said Thursday that the consumer price index rose 1.9 percent remaining month on a year-over-year basis. Market expectations for a December Fed rate hike are actually at 52.9%, consistent with the CME crew’s Fed Watch tool.

U.S. Treasury yields have also surged this week. The benchmark 10-yr yield started the week close to 2.09%; it traded round 2.19% Friday.

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