Wall Street hits record highs, S&P 500 pierces 2,500

Wall Street reached record highs on Friday, with the S&P 500 surpassing 2,500 points as telecommunications shares rose and technology bounced back after two days of declines.

The S&P 500’s breach of the 2,500-mark came less than four months after it closed above 2,400, and brought 2017’s gain to nearly 12 percent.

Professional investors frequently say they see little special significance in the S&P 500 and Dow Jones Industrial Average hitting round-numbers in the hundreds and thousands. But such milestones do affect the sentiment of investors on Main Street, said Phil Blancato, head of Ladenburg Thalmann Asset Management in New York.

The Dow Jones Industrial Average rose 0.29 percent to end at 22,268.34 points, while the S&P 500 gained 0.18 percent to 2,500.23, records for both. The Nasdaq Composite added 0.3 percent to 6,448.47.

Advancing issues outnumbered declining ones on the NYSE by a 1.76-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favoured advancers.

Earlier, North Korea fired a second missile in as many weeks over Japan, drawing criticism from global leaders but barely moving shares as investors await the next catalyst - the Federal Reserve’s meeting on September 19-20.

The S&P 500 is trading near 17.6 times expected earnings, down from 17.9 at the end of July but still much higher than its 10-year average of 14.3, according to Thomson Reuters Datastream.

Boeing rose 1.53 percent to a record high after Canaccord Genuity raised its price target for the stock.

Among the laggards was Oracle which sank 7.67 percent, its worst day in more than four years after disappointing forecasts for its profit and cloud business.

About 8.5 billion shares changed hands on US exchanges, above the 20-day average of 5.9 billion shares.

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