By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market moved higher on
Friday, sending the S&P 500 and Dow Jones Industrial Average to
a fresh intraday record.
Stocks were supported by favorable outcomes in two 'risk events'
this week. The Federal Reserve reiterated its commitment to
facilitating the U.S. economic recovery by maintaining its view on
the timing of interest-rate hikes, and Scotland voted to remain
part of the United Kingdom.
The main benchmarks look set to record solid weekly gains. The
S&P 500 (SPX) was 5 points, or 0.3%, higher at 2,016.76, and
the Dow Jones Industrial Average (DJI) gained 60 points, or 0.3%,
rising to 17,325.06.
The Nasdaq Composite (RIXF) rose 12 points, or 0.3%, at
4,605.58.
Signaling moderate economic growth through the holiday season,
the leading economic index for the U.S. rose in August, the
Conference Board said Friday. Dallas Fed President Richard Fisher,
a voting member of the Fed policy committee, discussed his
dissenting Fed policy views on Fox Business Network. Fisher called
for first Fed hike in spring and wanted them rise slowly and
gradually.
Kate Warne, investment strategist at Edward Jones, said that,
despite new highs, the market is not running ahead of fundamentals,
and warned of volatility on options expirations days.
BTIG lifted its S&P 500 forecast on Thursday, raising its
year-end price target to 2,075-2,100, from 1,980, becoming the
latest brokerage firm to do so.
Stocks to watch: One of the world's biggest IPOs in history will
debut within hours in New York. Alibaba Group Holding Ltd. (BABA)
priced Thursday at $68, toward the high end of expectations. That
pricing values Alibaba at $168 billion, making it one of the
largest U.S.-listed companies, with a larger market capitalization
than Amazon. (AMZN)Alibaba IPO bulls are missing some red flags
Also read: Live blog: World's biggest IPO: Alibaba
Yahoo Inc. (YHOO) shares were up 1.7%. Yahoo owns a large stake
in Alibaba. Opinion: China's favorite sons will score big in
Alibaba IPO
Oracle Corp. (ORCL) fell 2.7% on Thursday's news that Chief
Executive Officer Larry Ellison is stepping down in favor of Safra
Catz and Mark Hurd, who will serve as co-CEOs. Oracle's two CEOS
may fuel investor concerns
Shares of Concur Technologies Inc. (CNQR) surged 19% on news
Germany-based SAP AG (SAP) will buy the software group in a deal
valued at $8.3 billion. The Wall Street Journal said the deal was
the largest in SAP's history. U.S.-listed shares of SAP fell
4%.
Scotland rally: U.S. stock futures saw some benefit from news
that Scotland will stay a part of the U.K. The FTSE 100 index rose
0.6%, which if holds, would be the best performance since Sept. 9.
Spanish stocks pared earlier gains and were 0.7% higher as
strategists said the country's own independence movement has lost
strength on the Scottish outcome.
The British pound(GBPUSD) gave up some strength, pulling back to
$1.6395 from a high of $1.6526 seen when Scottish votes began to
come in. The Nikkei 225 index closed at nearly a seven-year high as
the dollar reached a historical high against the yen.
Gold(GCZ4) was sliding toward a third weekly loss, while oil
(CLV4) was also on the decline.
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