S&P 500 Closed at Record High

U.S. stocks rose on Friday, with the S&P 500 closed at another record high, as the latest in a string of positive data helped extend a rally that had been briefly threatened by overseas concerns. The Dow Jones industrial average rose 18.88 points or 0.11 percent, to 17,098.45, the S&P 500 gained 6.63 points or 0.33 percent, to 2,003.37 and the Nasdaq Composite added 22.58 points or 0.50 percent, to 4,580.27.

U.S. consumer spending fell in July for the first time in six months, but confidence among households hit a seven-year high in August, suggesting the retrenchment would be temporary.

Another report on Friday showed a sharp acceleration in factory activity in the Midwest this month, a further sign the economy remains on solid ground.

The European Central Bank gets back to work after the summer next week with inflation in the euro zone now down to 0.3%. That may not prove enough for them to bring in new policy measures.

A year after Goldman Sachs (GS.N) bungled a software upgrade and lost tens of millions of dollars from unintended trades, the 12 U.S. stock options exchanges have crafted new rules for dealing with erroneous transactions, according to draft documents seen by Reuters.

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