Nasdaq end at records, as stocks extend quarterly win streaks

Nasdaq end at records, as stocks extend quarterly win streaks

U.S. stocks wrapped up the week, the month and the quarter on a high note, with the S&P 500, Nasdaq Composite and Russell 2000 hitting all-time highs on Friday. All the main indexes posted weekly, monthly and quarterly gains.

How did stock indexes perform?

The S&P 500 index SPX, +0.37% gained 9.30 points, or 0.4%, to 2,519.36, closing at a record for the 39th time this year. The benchmark index gained 0.7% over the week and 1.9% over the month. The S&P has risen for eight consecutive quarters, gaining 3.9% since July.

The Nasdaq Composite Index COMP, +0.66% closed at a record for a 50th time this year, adding 42.51 points, or 0.7%, to 6,495.96. The tech-heavy index rose 1.1% over the week and is up 1% over the month, while its quarterly gain is 5.8%.

The Dow Jones Industrial Average DJIA, +0.11% rose 23.89 points, or 0.1%, to 22,405.09, missing its own record by about 7 points. The blue-chip index barely rose over the week—up 0.3%, but posted solid monthly and quarterly gains. Over the past month, the Dow is up 2.1% while over the quarter it rose 4.9%.

The Russell 2000 RUT, +0.14% closed at a record for a 21st time in 2017, rising 2.08 points, or 0.1%, to 1,490.86. The small-cap index climbed by 2.8% over the week and 6.1% over the month. Over the quarter, it is up 5.4%.

What did market participants say?

“The fundamental headlines in terms of market weakness don’t seem to be there right now, but valuations look a little stretched and investors may take a pause from the momentum we’ve been seeing,” said Sean Lynch, co-head, global equity strategy at Wells Fargo Investment Institute. He said the S&P 500 could retreat 5% or 6% through the rest of the year before rebounding in 2018.

“The initial move so far this year has been on pretty good earnings and pretty good fundamentals. However, a lot of stocks have had great runs and look very expensive now.” He singled out small-cap stocks as ones that “seem especially risky.”

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