Speed Reads

Economics

U.S. stock markets close with fifth straight week of gains

Helped by boosts from the People's Bank of China and the European Central Bank, U.S. stock markets closed on Friday with a fifth week of positive performance — the best stretch since 2011, Fortune notes.

The People's Bank of China announced an interest rate cut on Friday that nudged international markets higher, while the European Central Bank's president, Mario Draghi, made comments about the bank's plans to double down on boosting the eurozone economy. The Dow Jones Industrial average closed at a record 17,810, while the S&P 500 rose nearly 11 points, to 2,064. The U.S. stock markets' reaction to international news underscores the need for consistent global gains, though, said one portfolio manager.

"It's short-term good news, but the really good news is going to take longer to play out," Tom Kolefas, of TIAA-CREF, told The Wall Street Journal. "What we really need is real economic growth (outside the U.S.)."