Markets continued their rally on Friday. Bloomberg reports:
The Standard & Poor’s 500 Index climbed 0.2 percent to 1,418.16, less than one point below its highest closing level since May 2008, and the Dow Jones Industrial Average briefly topped its best close since December 2007. Rates on 10-year notes lost two basis points to 1.81 percent after yesterday climbing as high as 1.86 percent, matching their 200-day moving average. The Stoxx Europe 600 Index rose to a 13-month high and Spain’s bonds rallied as concern over the debt crisis eased.
Positive economic data from the US helped fuel the rally.
The Conference Board's index of US leading economic indicators rose 0.4 percent in July, reversing the 0.4 percent decline in June.
Also, the Thomson Reuters/University of Michigan preliminary index of consumer sentiment for August increased to 73.6, the highest level since May, from 72.3 in July.