Wall Street rises, Dow racks up seventh straight weekly gain

Wall Street ended the week on a positive note on Friday as investors doubled down on a rally fuelled by optimism that President-elect Donald Trump's policies will boost economic growth.

The Dow Jones Industrial Average, which briefly came within striking distance of the historic 20,000 level earlier this week, recorded its seventh straight weekly gain.

Following a rally since the November 8 US election, the Dow is up about 14 percent for the year and the S&P 500 is 11 percent higher on bets that the economy will benefit from Trump's plans for deregulation and infrastructure spending.

After spending much of the day with a marginal loss, the Dow ended Friday 0.07 percent higher on the day, at 19,933.81 points. The S&P 500 gained 0.13 percent to 2,263.79. The Nasdaq Composite added 0.28 percent to 5,462.69.

For the week, the Dow rose 0.5 percent, the S&P 500 added 0.2 percent, and the Nasdaq climbed 0.5 percent.

The health index rose 0.78 percent on Friday, boosted by a 2.6 percent gain in Allergan .

The S&P 500 consumer discretionary index slipped 0.24 percent, weighed by a 0.75 percent dip in Amazon.com .

Economic data showed new single-family home sales rose to their highest level in four months in November, increasing 5.2 percent to 592,000 last month.

Fred's rose 4.2 percent after Alden Global Capital reported a stake of 24.8 percent in the discount store operator.
Cintas fell 3.1 percent after the uniforms supplier cut the lower end of its revenue forecast.

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