Stocks finish higher on Friday, led by consumer staples.
U.S. stocks advanced Friday, as consumer staples led the major indexes higher in an otherwise tepid session for Wall Street.
The large-cap S&P 500 Index (NYSEARCA:SPY) advanced 0.3% to 2,779.03, with eight of 11 primary sectors finishing higher. Consumer staples were the best performers, rising 1.3% as a sector.
Dow industrials (NYSEARCA:QQQ) gained 75.12 points, or 0.3%, to close at 25,316.53.
Meanwhile, the technology-dependent Nasdaq Composite Index (NYSEARCA;QQQ) rose for the fourth time in five days, adding 0.1% to 7,645.51.
A measure of implied volatility known as the CBOE VIX (NYSEARCA:VXX) traded within a narrow range and finished slightly lower on Friday. Wall Street’s preferred index of investor anxiety closed at 12.09.
In commodities, oil prices edged lower on Friday as traders continued to assess the prospect of rising production levels from OPEC and Russia. U.S. West Texas Intermediate (WTI) futures declined 31 cents, or 0.5%, to $65.64 a barrel on the New York Mercantile Exchange. ICE Brent futures fell 91 cents, or 1.2%, to $76.41 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) will meet in Vienna later this month to discuss output levels. The Saudi-led cartel is widely expected to boost production.
The Final Word: Wall Street is gearing up for a highly active week with geopolitics and monetary policy in focus. U.S. President Donald Trump will meet North Korea’s Kim Jong-un on Tuesday. On the same day, the Federal Reserve will kick off its two-day policy meeting in Washington.