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.”