Tech companies power US stocks to solid weekly gain

The S&P 500 rose to a new high for the year Friday as resurgent technology stocks closed out their best week in four months with solid gains.

Financial, health care and consumer stocks also helped lift the market. The gains erased losses from last week, when the S&P 500 had its worst week of the year. The benchmark index finished at 2,822.48, up 12.6 percent for the year and down 4 percent from the record level set in September.

Technology stocks had their best week since November. Apple ended the week with a 7.6 percent gain, its best week since August. Industrial stocks lagged the market Friday.

Investors bought bonds after a report on industrial production showed a second consecutive monthly decline in manufacturing in the U.S. That sent the yield on the 10-year Treasury lower. It fell to 2.59 percent from 2.63 late Thursday.

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Despite the latest gains, global political turmoil, particularly over trade, still weighs on investors, said Katie Nixon, chief investment officer at Northern Trust Wealth Management.

“There’s so much importance placed on these geopolitical risks,” Nixon said. “They have to be resolved for the market to go forward.”

The Dow Jones Industrial Average rose 138.93 points, or 0.5 percent, to 25,848.87. The Nasdaq composite climbed 57.62 points, or 0.8 percent, to 7,688.53. The S&P 500’s gain was 14 points, or 0.5 percent.

The Russell 2000 index of smaller companies picked up 3.90 points, or 0.3 percent, to 1,553.54.

Major indexes in Europe and Asia finished higher.

U.S. stocks have had a strong showing this year, with all the major indexes showing a gain of at least

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