Telecom stocks drove the S&P 500 above the 2500 mark. As Fred Katayama reports, the Dow and S&P 500 closed at record highs.
The Dow and S&P 500 closed at record highs Friday. The S&P rising above the 2500 mark for the first time. Telecom services stocks helped lift the markets.Investors shrugged off North Korea's latest missile test and domestic economic data. Ken Kamen of Mercadien Asset Management: SOUNDBITE: KEN KAMEN, PRESIDENT, MERCADIEN ASSET MANAGEMENT, (ENGLISH) SAYING: "The issue is people are kind of getting numb to the news. This hyperbolic coverage of storm - the worst in history - and you know, the missiles and you know, potential terrorist attacks everywhere - everything seems to hyperbolic that I guess turning out is becoming the rational thing to do, which is probably the not rational thing to really do for your portfolio. You should never tune out." Investors got weak data that included the impact of Hurricane Harvey. U.S. retail sales unexpectedly fell in August, and industrial production fell for the first time since January. Oracle shares dropped. The company issued a disappointing profit outlook that indicated a slowdown in growth of its soaring cloud business. Among the top S&P gainers: Henry Schein. Piper Jaffray raised its rating on the dental equipment distributor to "overweight" from "neutral". Equifax shares again lost ground. U.S. Senator Elizabeth Warren, a champion for consumers, said she has launched an investigation into the credit bureau's massive data breach. In Europe, financial and healthcare stocks drove the markets lower.