(MENAFN- AFP) Wall Street stocks rose to fresh records Friday, as investors savored an outstanding US GDP report released earlier this week.
The Dow Jones Industrial Average, notching its seventh straight gain, advanced 23.50 points (0.13 percent) to 18,053.71, a new all-time high.
The broad-based S&P 500 jumped 6.89 (0.33 percent) to 2,088.77, also a record, while the tech-rich Nasdaq Composite Index gained 33.39 (0.70 percent) to 4,806.86.
Analysts said stocks were continuing to drift higher after the Commerce Department on Tuesday put third-quarter US gross domestic growth at five percent.
"In light trading today, the upward bias of the market is pulling us modestly higher," said David Levy, portfolio manager at Kenjol Capital Management.
Tech giant Apple gained 1.8 percent following reports that fewer investors are betting on a drop of shares, known as "going short." The shift comes amid growing confidence in upcoming earnings of Apple, said 24/7 Wall Street.
Amazon picked up two percent as it announced that it added more than 10 million new members to its Amazon Prime shipping service during this year's holiday shopping season.
Retail stocks were mostly higher on generally positive commentary about the critical holiday shopping season. Target, Wal-Mart Stores and Best Buy all advanced 0.6 percent, while Williams-Sonoma rose 0.4 percent.
Biotech stocks continued to outperform the broader market. Gilead Sciences gained 2.7 percent, Celgene rose 3.4 percent and Amgen tacked on 1.7 percent.
Bond prices were mixed. The yield on the 10-year US Treasury held steady at 2.26 percent, while the 30-year dipped to 2.81 percent from 2.83 percent Wednesday. Bond prices and yields move inversely.
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