NEW YORK: The Dow ended at a record high on Friday, boosted by IBM, while a rebound in high-growth momentum names helped the broader market.
Consumer discretionary shares also lifted the market, with the stock of Gap Inc
Apple Inc
Some analysts questioned whether Beats, valued at $1 billion during its last funding round in September, was worth that price. Apple shares fell 0.4 percent to $585.54.
Momentum names advanced, with shares of Gilead Sciences Inc
The gains came after a volatile week for those shares. The S&P 500 has alternated between gains and losses each day this week, and the Nasdaq has dropped for three straight sessions - its longest losing streak since early April - as Internet-related stocks came under pressure.
Trading was mostly lackluster, with about 5.7 billion shares changing hands on the U.S. exchanges, below the 6.2 billion month-to-date average, according to data from BATS Global Markets.
"The volatility and the decline in a lot of growth stuff is wearing people out," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. "There's a lot of trader fatigue."
The Dow Jones industrial average <.DJI> rose 32.37 points or 0.2 percent, to 16,583.34, the S&P 500 <.SPX> gained 2.85 points or 0.15 percent, to 1,878.48 and the Nasdaq Composite <.IXIC> added 20.374 points or 0.5 percent, to 4,071.869.
Shares of International Business Machines Corp
For the week, the Dow rose 0.4 percent, while the S&P 500 dipped 0.1 percent and the Nasdaq fell 1.3 percent. This marked the Nasdaq's biggest weekly percentage decline in a month.
The Russell 2000 <.TOY> gained 0.9 percent. Early in the session, it flirted with correction territory, defined as a 10 percent drop from a recent peak. At its session low, the Russell touched 1,091.50, nearly 10 percent below its all-time closing high of 1,208.65 reached on March 4.
Healthcare stocks rose, with shares of Merck
Among the day's big decliners, Rocket Fuel Inc
Advancers outnumbered decliners on the New York Stock Exchange by a ratio of about 17 to 13, while on the Nasdaq, nearly 17 stocks rose for every nine that fell.- Reuters
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