Stocks Ended Higher, S&P 500, Nasdaq Closed at Records

U.S. stocks ended higher on Friday, with the S&P 500 and the Nasdaq closing at records, as Federal Reserve Chairman Jerome Powell affirmed the U.S. central bank’s current pace of rate hikes. The Dow Jones Industrial Average rose 133.37 points, or 0.52%, to 25,790.35. The S&P 500 gained 17.71 points, or 0.62%, to 2,874.69. The Nasdaq Composite added 67.52 points, or 0.86%, to 7,945.98. For the week, the Dow booked a 0.5% climb, the S&P logged a 0.9% gain and the Nasdaq advanced by 1.7%.

Oil futures rose Friday, as investors focused on tightening inventories, including signs of shrinking output from Iran. West Texas Intermediate crude for October delivery added 89 cents, or 1.3%, to settle at $68.72 a barrel and ended about 5.4% higher for the week. October Brent crude rose $1.09, or 1.5%, to $75.82 a barrel and logged a nearly 5.6% weekly advance.

Federal Reserve chair Jerome Powell sees plenty of reasons the U.S. economy’s strong run will continue. Powell said: “I see the current path of gradually raising interest rates as the [Federal Reserve’s] approach to taking seriously both of these risks.”