US stocks close in on new record highs
Last week’s economic data skewed toward the negative (retail sales in particular were disappointing), but despite a broad selloff on Friday, stocks still managed to post strong gains for the week. The Dow Jones Industrial Average jumped 2.1 per cent to end the week at 14,865, and came close to the psychologically important 15,000 level. Likewise, the S&P 500 Index closed in on 1,600 before faltering at the end of the week (the index gained 2.3 per cent to 1,593). For its part, the Nasdaq Composite also saw strong gains, rising 2.8 per cent to 3,294.