Dow Jones Industrial Average rises 190 points
The Dow climbed 190.6 points, or 0.7%, to close at 27,930.33. The S&P 500 climbed 0.3% to end the day at 3397.16, another closing record. The Nasdaq Composite advanced 0.4% to 11,311.80, also a record close. Wall Street wrapped up a record setting week with solid gains on the back of strong U.S. economic data.
U.S. manufacturing and services activity surge along with home sales
Data from IHS Markit showed U.S. manufacturing activity hit its highest level in 19 months in August, while services were at their highest level in 17 months. Meanwhile, existing home sales for July saw a record month-over-month spike of 24.7%. The average selling price for homes also hit an all-time high, jumping to $304,100.
Apple extends rally, Deere gains
Apple shares rose 5% to a fresh all-time high, building on its rally for the week. Deere, meanwhile, climbed 4% on the back of better-than-expected results for the previous quarter.
What happens next?
Consumer confidence and even more housing numbers are set for release next week. The Federal Reserve is also set to hold its annual symposium on monetary policy.
