Closing at new all-time highs, the Dow Jones Industrial Average (DJINDICES: ^DJI ) capped off its fourth straight week of gains Friday. With consumer sentiment rallying this month to levels not seen since July 2007, Wall Street pushed higher on a bullish frenzy to head into the weekend. With several major industrial stocks ending among the Dow's top gainers, the index closed up 121 points, or 0.8%, to finish at 15,354.
Not only did JPMorgan Chase (NYSE: JPM ) end as the Dow's best performer on the day, adding 2.6%, but it also played a big role in the broader market rally. The bank hiked its year-end price target for the S&P 500 more than 8.5%, from 1,580 to 1,715. But the major reason behind the megabank's rally today stemmed from the approval of a new exchange for credit default, interest rate, and commodity swaps. You can understand the surge, since the swap market is worth more than $600 trillion globally.
Industrial stocks, however, flourished today, and Boeing (NYSE: BA ) tacked on 2.4% as news broke that top hedge fund managers moved more than $1.6 billion into the stock in the first quarter alone. The popularity with elite investors, combined with the return of the 787 Dreamliner after months of halted shipments, translated to a great week for Boeing shareholders, with shares up 5%.
The other major industrial stock making a run today was United Technologies (NYSE: UTX ) , which added 2.3%, hitting a 52-week high. The industrials sector as a whole was the best-performing area of the market, so it's no surprise to see investors going for the cream of the crop with United Tech. The company also completed a divestiture today that will free it up to "focus on its core aerospace and commercial businesses."
Lastly, Pfizer (NYSE: PFE ) shares lost 1% despite a general lack of news. It's possible some investors dumped the stock in a fit of "guilt by association" reasoning; one closely watched legendary investor liquidated his entire Merck stake in the first quarter. Though top management at Pfizer did sell a few hundred thousand shares this week, that fact alone doesn't tell us much considering how heavily they remain invested.
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