US close: S&P 500 erases year-to-date losses

Shares on the S&P 500 finished higher for a fifth week running on Friday, pushing the equity benchmark into the black for the year by 0.3%.

Over the latest week the S&P 500 gained 1.4%, led by industrial and raw materials names, alongside a 2.3% advance in the Dow Jones Industrials that pushed that gauge into the green for the year as well.

For the day, the S&P 500 came to rest at 2,049.58 points by the closing bell, up by 0.44%, settling just below key short-term technical resistance at 2,050. In parallel, the Dow Jones rose 120.81 points or 0.69% to 17,602.30 and the Nasdaq Composite by another 20.66 points or 0.43% to reach 4,795.65.

The VIX retreated another 2.91% to end at 14.02 points, its lowest mark since 18 August.

Gains in Hotels (2.82%), Airlines (2.60%) and healthcare providers (2.05%) helped to offset moderate losses in the oil patch.

West Texas Intermediate crude oil futures erased early gains to finish 81 cents lower at $39.44 per barrel in NYMEX trading.

Crude oil prices have risen more than 50% from the 12-year lows reached in December after the Organization of the Petroleum Exporting Countries (OPEC) floated the idea of a production freeze.

In economic data, the University of Michigan's consumer sentiment index unexpectedly fell in March, to a reading of 90.0 from 91.7 in February and versus expectations of 92.2.

The index for current economic conditions came in at 105.6, down from 106.8 in February but up from March 2015’s reading of 105.0.

Capital Economics said the decline in the consumer sentiment index “illustrates that higher gasoline prices more than offset the positive impact to sentiment from the rebound in stock markets”.

Meanwhile, Federal Reserve Bank of New York President William Dudley said the financial system is “much more resilient” following the 2008 crisis, but “more work still lies ahead” to prevent another one from happening.

Dudley said there were limits to the supervision of banks in averting another crash and urged policymakers to find ways to better educate the industry about the role of supervisors.

“In the wake of the crisis, considerable attention has been devoted to the role that supervisors—including those here at the New York Fed—played in this meltdown,” he said at the Supervision Conference in Manhattan.

“But much of this discussion has taken place without a broad understanding of what supervisors actually do—the scope, breadth and limits of their activities and authorities.”

In corporate news, software maker Adobe Systems Inc rallied after it reported better-than-expected quarterly results late on Thursday.

Tiffany & Co was also in the black after its fiscal fourth-quarter earnings exceeded analysts’ expectations.
Wynn Resorts edged higher after Deutsche Bank lifted its price target on the stock.

On the downside, clothing retailer Aeropostale tanked following weaker-than-expected fourth-quarter numbers on Thursday and after the company said it was considering selling itself.

In currencies, the US dollar was recovering following losses in the wake of the Federal Reserve’s dovish stance on Wednesday.

Euro/dollar was off by 0.40% higher versus the euro by the end of trading at 1.1270, albeit with Morgan Stanley saying there was more short-term dollar weakness to come.

“The dovish Fed – discouraging USD bulls – has led to a de-positioning move supporting the once shunned currencies. GBP, AUD and many emerging market currencies fall into this category. In this respect, the falling USD has the characteristics of a pain trade that seems to have further to run,” the bank said.

The Federal Reserve on Wednesday decided to keep interest rates unchanged but said it now expects to raise rates twice this year, compared to the four estimated in December.

S&P 500 - Risers
Western Digital Corp. (WDC) $49.02 +6.57%
Tenet Healthcare Corp. (THC) $28.14 +5.91%
Wynn Resorts Ltd. (WYNN) $94.02 +5.88%
Starwood Hotels & Resorts Worldwide Inc. (HOT) $80.57 +5.47%
Leucadia National Corp. (LUK) $16.62 +5.26%
Seagate Technology Plc (STX) $36.57 +4.70%
McKesson Corp. (MCK) $158.31 +4.36%
Vertex Pharmaceuticals Inc. (VRTX) $82.52 +4.22%
Peabody Energy Corp. (BTU) $2.50 +4.17%
HP Inc (HPQ) $12.18 +3.92%

S&P 500 - Fallers
Transocean Ltd. (RIG) $10.78 -7.94%
National Oilwell Varco Inc. (NOV) $32.58 -4.15%
Helmerich & Payne Inc. (HP) $60.83 -3.64%
Bemis Co. Inc. (BMS) $52.20 -3.48%
Chipotle Mexican Grill Inc. (CMG) $455.37 -3.44%
Rowan Companies plc (RDC) $16.27 -3.33%
NiSource Inc. (NI) $22.80 -2.27%
Microsoft Corp. (MSFT) $53.49 -2.14%
Southwestern Energy Co. (SWN) $7.93 -2.10%
Perrigo Company plc (PRGO) $128.46 -2.10%

Dow Jones I.A - Risers
Goldman Sachs Group Inc. (GS) $157.60 +3.07%
JP Morgan Chase & Co. (JPM) $60.48 +2.94%
Boeing Co. (BA) $133.96 +2.49%
Intel Corp. (INTC) $32.68 +2.19%
American Express Co. (AXP) $61.22 +1.90%
Unitedhealth Group Inc. (UNH) $126.72 +1.76%
Merck & Co. Inc. (MRK) $52.25 +1.40%
3M Co. (MMM) $165.33 +0.96%
Visa Inc. (V) $73.78 +0.88%
Chevron Corp. (CVX) $97.69 +0.83%

Dow Jones I.A - Fallers
Microsoft Corp. (MSFT) $53.49 -2.14%
Wal-Mart Stores Inc. (WMT) $66.95 -0.74%
Verizon Communications Inc. (VZ) $53.24 -0.73%
Caterpillar Inc. (CAT) $75.47 -0.57%
Walt Disney Co. (DIS) $99.20 -0.40%
Coca-Cola Co. (KO) $45.60 -0.37%
Nike Inc. (NKE) $62.99 -0.30%
General Electric Co. (GE) $30.92 -0.13%
Travelers Company Inc. (TRV) $115.76 -0.06%

Nasdaq 100 - Risers
Western Digital Corp. (WDC) $49.02 +6.57%
Seagate Technology Plc (STX) $36.57 +4.70%
Biomarin Pharmaceutical Inc. (BMRN) $80.94 +4.68%
Vertex Pharmaceuticals Inc. (VRTX) $82.52 +4.22%
Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $39.00 +3.92%
Adobe Systems Inc. (ADBE) $93.42 +3.85%
Intuitive Surgical Inc. (ISRG) $583.05 +3.68%
Incyte Corp. (INCY) $65.07 +3.20%
American Airlines Group (AAL) $43.44 +3.18%
Nvidia Corp. (NVDA) $33.81 +3.02%

Nasdaq 100 - Fallers
Microsoft Corp. (MSFT) $53.49 -2.14%
Comcast Corp. (CMCSA) $59.76 -1.63%
TripAdvisor Inc. (TRIP) $64.31 -1.53%
Amazon.Com Inc. (AMZN) $552.08 -1.32%
Activision Blizzard Inc. (ATVI) $32.20 -1.23%
Vodafone Group Plc ADS (VOD) $31.56 -1.22%
Kraft Heinz Co. (KHC) $77.31 -0.90%
Symantec Corp. (SYMC) $18.60 -0.69%
Endo International Plc (ENDP) $29.84 -0.63%
T-Mobile Us, Inc. (TMUS) $36.93 -0.62%