S&P 500 Sets Another Record Above 2,000 -- U.S. Commentary

(RTTNews) - U.S. stocks ended another strong week on a high note, with the S&P 500 setting all-time highs above the 2,000 milestone.

Relatively upbeat readings on consumer sentiment and Midwest business conditions had Wall Street in a good mood for most of the session.

Volume was light as many traders got a head start on the Labor Day weekend.

The S&P 500 rose 6.57 points, or 0.33%, to 2,003.32,00. That's a bit shy of a record intraday peak of 2,005 set earlier in the week.

The Dow Jones Industrial Average gained 18.75 points, or 0.1%, to end at 17,098.32, while the Nasdaq Composite added 22.58 points, or 0.5%, to 4,580.27.

It was the best monthly gains for stocks since February, and the best August in fourteen years.

In economic news from the U.S., consumers spent less in July than in the previous month, a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving.

Statistics issued by the U.S. Commerce Department showed that personal spending declined 0.1 percent in July. That followed an increase of 0.4 percent in the previous month. Economists had expected the figure to rise by 0.2 percent.

Manufacturing activity in the Chicago-area rebounded in August, as factories reported increases in new orders.

The headline index of the Chicago Purchasing Managers report, an important gauge of manufacturing in the Midwest, jumped to 64.3 in August from July's 52.6.

In corporate news, Tesla (TSLA) hit new record highs amid word that it is joining with a Chinese firm on 400 charging stations in China.

Big Lots (BIG) beat estimates by a whisker with second quarter earnings of 31 cents per share, excluding certain items. The stock dropped 1.8 percent.

Apple (AAPL) has tapped NXP Semiconductors (NXPI) to develop pay-by-touch tech for next iPhone. Apple stock set new all-time highs.

Johnson & Johnson (JNJ) will try to sell its Cordis medical device unit, according to Dow Jones, which said the unit could bring in as much as $2 billion. Shares were up 0.75%

Wall Street is closed Monday for Labor Day.