Dow, S&P Notch Record Closes on Dimmed Rate Hike Prospects<br />(Reuters) - The Dow and S&P 500 hit record highs on Friday after weak economic data dulled prospects of more interest rate hikes this year.<br />The S&P financials, which benefit from a rising rate environment, fell 0.5 percent,<br />and the group was the only one of the S&P 500 sectors down on the day.<br />Data showed consumer prices were unchanged in June<br />and retail sales fell for a second straight month, pointing to tame inflation and subdued expectations of strong economic growth in the second quarter.<br />For the week, the Dow was up 1.1 percent, the S&P 500 was up 1.4 percent, and the Nasdaq rose 2.6 percent.
