Stocks closed higher on the last trading day of the holiday week, with the Dow rising 150 points. The S&P 500 gained 0.2%, led by industrials, while health care was the worst performing sector of the week.
div > div.group > p:first-child"> The Dow Jones Industrial Average rose 110 points to 26,559.54 as shares of Travelers advanced. The S&P 500 gained 0.2% to end the day at 2,905.03, led by industrials. The Nasdaq Composite closed just above the flatline at 7,998.06. U.S. markets will be closed on Friday due to Good Friday.
The earnings season is off to a good start. So far, more than 78% of the S&P 500 companies that have reported have topped analyst expectations, according to FactSet. "The retail sales figures add to the slightly more positive tone of the recent data and provide some comfort that the economy isn't falling off a cliff," wrote Andrew Hunter, senior U.S. economist at Capital Economics, in a note."But they don't change our view that the fading of the fiscal boost and the lagged impact of the Fed's monetary tightening will push GDP growth below its 2% potential pace over the coming quarters.
However, Wall Street posted a muted weekly performance amid a sharp decline in the health-care sector. The Dow and Nasdaq rose 0.6% and 0.2% for the week, respectively, while the S&P 500 slipped 0.1%.
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