Another creep higher sends S&P 500 to record high, again

John McNierney, right, trading GE stock for Citadel Securities, updates John Panin, left, and Greg Rowe, center, with the stock's price at the New York Stock Exchange, Friday, July 22, 2016.
John McNierney, right, trading GE stock for Citadel Securities, updates John Panin, left, and Greg Rowe, center, with the stock's price at the New York Stock Exchange, Friday, July 22, 2016.

NEW YORK (AP) - Another day, another lazy drift higher for stocks and another record high.

The Standard & Poor's 500 index rose 9.86 points, or 0.5 percent, to 2,175.03 on Friday. It surpassed its prior record set Wednesday by 0.09 percent, the latest nudge higher for a market that has taken a decidedly slow-and-steady path to all-time highs in recent weeks. Telecom and utility stocks led the way, as they have for much of this year.

The Dow Jones industrial average rose 53.62 points, or 0.3 percent, to 18,570.85. The Nasdaq composite rose 26.26, or 0.5 percent, to 5,100.16. The gains sent all three indexes to their fourth consecutive winning week, their longest streak since March.

Many doubts still hang over the market, including the continued drop for corporate earnings and a U.S. economy growing only modestly. However, various earnings and economic reports have come in better than expected, and the S&P 500 is up nearly 9 percent since June 27.

Southwestern Energy had the biggest gain in the S&P 500 following its own better-than-expected earnings report. It lost money in the latest quarter, but less than analysts estimated. The producer of natural gas and oil also raised its forecast for production this year, and its stock jumped $1.26, or 9.5 percent, to $14.47.

American Airlines Group likewise rose despite reporting a drop in earnings. It climbed $1.40, or 4 percent, to $36.36 after reporting better results than analysts expected.

The telecom and utilities sectors each rose 1.3 percent to lead the market. They have been at the forefront of the market's rise this year because they pay some of the biggest dividends, and investors are scrounging for income given the low interest rates paid by bonds.

The yield on the 10-year Treasury note held steady at 1.56 percent, while the yield on the 30-year Treasury bond ticked down to 2.28 percent from 2.29 percent late Thursday.