US stocks rose on Friday, pushing the Dow and the S&P 500 to record levels and setting the benchmark index up to score its fourth weekly advance over the past five. But trading is expected to become volatile as the session progresses. Friday marks a "quadruple witching" day - the expiration of stock options, index options, index futures and single-stock futures - as traders close hedging positions or roll them over at the last minute.
The six-day run of gains for the S&P 500 index was its longest winning streak since mid-April. For the week so far, the S&P 500 has advanced 1.3 percent, while the Dow has gained 1.1 percent and the Nasdaq has added 1.2 percent.
Among the most notable indicators were the correlation of the CBOE Volatility Index, known as the VIX, and the S&P 500. The VIX usually moves inversely to the performance of the S&P 500. The fear gauge is near its lowest since February 2007 while the S&P 500 is at an all-time high. The Dow Jones industrial average rose 21.67 points or 0.13 percent, to 16,943.13, after touching a record intraday high of 16,978.02. The S&P 500 gained 1.34 points or 0.07 percent, to 1,960.82, after climbing to a record intraday high of 1,963.91. The Nasdaq Composite dropped 1.77 points or 0.04 percent, to 4,357.56.
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