S&P 500 up for sixth week; fear index hits five year low

NASDAQ MarketSite TV studio (Photo credit: Wikipedia)

The S&P 500 held near a four-year high on Friday, and the market's key gauge of anxiety sank to its lowest since 2007, suggesting a belief that the problems stressing investors might be closer to a resolution.

The Nasdaq outperformed the broader market as Apple shares reached an all-time high. The CBOE VIX volatility index <.VIX> hit a 5-year low of 13.43 before closing down 5.9 percent at 13.45.

The S&P 500 made a solid move above the closely watched 1,400 level in the last session, posting its biggest gain in two weeks. But trading volume remained low.

"From a sentiment point of view, the market has little to inhibit it from proceeding higher," said Ralph Edwards, director of derivatives strategy at ITG in New York.

"The best rallies are, of course, the broadest, so it makes sense to view, in real-time, the stocks that are propelling the index so as to make sure that the advance is not just being carried on the shoulders of one sector. Here, the news is also good." ... Continue to read.

Related articles

• Calm Before A Storm? (businessinsider.com)
• US STOCKS-S&P 500 on track for sixth week of gains (uk.reuters.com)
• Stocks close near fresh four-year high (marketday.nbcnews.com)