Dow, S&P 500 Log New High, Logs Weekly Advance

By MarketsFOXBusiness

FOX Business: Capitalism Lives Here

A Fed-fueled rally propelled the Dow and S&P 500 to new highs this week as traders braced for a wrath of data on next week's docket.

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Today's Markets

The Dow Jones Industrial Average rose 27.9 points, or 0.16%, to 16949, the S&P 500 gained 3.5 points, or 0.18%, to 1963 and the Nasdaq Composite advanced 8.7 points, or 0.2%, to 4368.

For the week, the Dow rose 1%, the S&P 500 advanced 1.4% and the Nasdaq jumped 1.3%.

This week, it's been all about the Federal Reserve. Dovish remarks from the powerful central bank sparked the best rally for the S&P 500 since May, propelling the index to record highs.

The Street was quite quiet on Friday, with no economic reports on the docket.

On the corporate front, billionaire investor Carl Icahn called on Family Dollar (NYSE:FDO) to put itself up for sale immediately. He revealed a stake in the discount retailer earlier this month.

In commodities, U.S. crude oil futures rose 6 cents, or 0.06%, to $106.49 a barrel. Wholesale New York Harbor gasoline dipped 0.11% to $3.122 a gallon. Gold fell $2.30, or 0.18%, to $1,312 a troy ounce.

The calendar heats up next week. There are several key housing and consumer-focused reports, along with earnings from blue-chip footwear maker Nike (NYSE:NKE).

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