Modest Gains Lift Dow And S&P 500 To New Record Closing Highs

(RTTNews) - After ending the previous session nearly flat, stocks moved modestly higher over the course of the trading day on Friday. While buying interest remained somewhat subdued, the Dow and the S&P 500 both reached new record closing highs.

While most of the major sectors ended the day showing only modest moves, significant strength was visible among oil service stocks. The Philadelphia Oil Service Index surged up by 1.6 percent, reaching its best closing level in almost six years.

The strength among oil service stocks came amid a notable increase by the price of crude oil, with crude for July delivery climbing $0.83 to $107.26 a barrel.

Pharmaceutical, healthcare provider, and brokerage stocks also saw some strength, although buying interest remained subdued.

On the other hand, gold, tobacco, and utilities stocks moved lower on the day, helping to limit the upside for the broader markets.

The major average all posted slim gains on the day. The Dow ticked up 25.62 points or 0.2 percent to 16,947.08, the Nasdaq edged up 8.71 points or 0.2 percent to 4,368.04 and the S&P 500 crept up 3.39 points or 0.2 percent at 1,962.87.