S&P 500 notches sixth straight recordDow +161.60 at 28653.87, Nasdaq +70.30 at 11695.64, S&P +23.46 at 3508.01 [BRIEFING.COM] The S&P 500 gained 0.7% on Friday for its sixth straight record-setting advance. The Nasdaq Composite gained 0.6% to close at a record high, the Dow Jones Industrial Average gained 0.6%, and the Russell 2000 gained 0.9%. All 11 S&P 500 sectors closed in positive territory, with energy (+1.9%) and materials (+1.1%) rising more than 1.0%. The information technology sector (+1.0%) was next in line, but it was perhaps the most influential gainer today given its top-weighted position in the S&P 500. The health care sector (+0.2%) lagged. In the tech space, Workday ($WDAY 243.88, +27.25, +12.6%), HP Inc. ($HPQ 19.85, +1.15, +6.2%), Dell ($DELL 66.21, +3.78, +6.1%), and VMware ($VMW 146.09, +3.19, +2.2%) stood out as earnings winners. Semiconductor stocks also chipped in a solid outing, evident by the 2.0% increase in the Philadelphia Semiconductor Index. There was no one specific catalyst today, but investors did receive another batch of better-than-expected economic data that helped broaden out the gains. For July, personal income increased 0.4% m/m (Briefing.com consensus -0.2%) and personal spending rose 1.9% m/m (Briefing.com consensus +1.5%). The final University of Michigan Index of Consumer Sentiment for August ticked up to 74.1 (Briefing.com consensus 72.8) from the preliminary reading of 72.8. The data provided some fuel for the reopening stocks like casinos, airlines, cruise lines, and hotels. Shares of MGM Resorts ($MGM 23.86, +1.05, +4.6%) rose nearly 5%, even as the company announced plans to lay off 18,000 furloughed employees as a result of the pandemic. U.S. Treasuries finished mixed. The 2-yr yield was flat at 0.15%, and the 10-yr yield declined two basis points to 0.73%. The U.S. Dollar Index fell 0.7% to 92.32. WTI crude futures declined 0.1% to $42.97/BBL. The CBOE Volatility Index declined 6.2% to 22.96 after touching 26.30 at its intraday high. Reviewing Friday's economic data: Personal income increased 0.4% m/m in July (Briefing.com consensus -0.2%), which was much better than expected, and personal spending rose 1.9% m/m (Briefing.com consensus +1.5%), which was also much better than expected. The PCE Price Index and core-PCE Price Index both increased 0.3% m/m and were weaker than expected increases of 0.4% and 0.5%, respectively. That left the PCE Price Index up 1.0% yr/yr, versus 0.9% in June, and the core PCE Price Index up 1.3% yr/yr, versus 1.1% in June.The key takeaway from the report is that the income gain was driven by an increase in compensation (+1.3% m/m), which more than offset a 1.7% m/m decrease in personal current transfer receipts. In other words, the income gain was driven by people returning to work as the economy reopened.The final University of Michigan Index of Consumer Sentiment for August ticked up to 74.1 (Briefing.com consensus 72.8) from the preliminary reading of 72.8. The final reading for July was 72.5.The key takeaway from the report is that consumer sentiment has been slow to rebound and that the incremental improvement seen has been based simply on the view that things couldn't get worse than they were at the depths of the shutdown period.The Chicago PMI for August decreased to 51.2 from 51.9 in July.Wholesale inventories decreased 0.1% in July following a revised 1.3% decline in June (from -1.4%). Investors will not receive any notable economic data on Monday. Nasdaq Composite +30.4% YTDS&P 500 +8.6% YTDDow Jones Industrial Average +0.4% YTDRussell 2000 -5.4% YTD Market Snapshot Dow28653.87+161.60(0.57%)Nasdaq11695.64+70.30(0.60%)SP 5003508.01+23.46(0.67%)10-yr Note +2/320.737NYSEAdv 2056 Dec 914 Vol 789.0 mlnNasdaqAdv 2176 Dec 1105 Vol 3.0 bln Industry Watch Strong: Information Technology, Energy, Materials, IndustrialsWeak: Health Care Moving the Market -- Another record-setting performance-- Gains broadened out amid better-than-expected economic data-- Tech sector remained an influential leaderStocks end higher day after Fed adjusts inflation playbook The S&P 500 extended its streak of consecutive record closes to a sixth day after the Federal Reserve and its Chairman, Jerome Powell, signaled plans yesterday to continue with the central bank's easy monetary policy. The S&P is on track for its biggest weekly gain in almost two months with an advance of about 3% while the Dow has moved back into positive ground on a year-to-date basis. ECONOMIC EVENTS: In the U.S., the advance goods trade deficit widened back out to $79.3B in July, which was more than expected. Personal income rose 0.4% in July, while spending climbed 1.9%. The Chicago manufacturing PMI dipped 0.7 points to 51.2 to in August. The University of Michigan consumer sentiment index was boosted to 74.1 in the final August reading, better than the preliminary 72.8 figure and up from the disappointing 72.5 in July. In energy news, Baker Hughes reported that the U.S. rig count is unchanged from last week at 254 with oil rigs down 3 to 180. Outside of the U.S., Japanese Prime Minister Shinzo Abe, the longest-serving Japanese prime minister in history, announced that he will resign once a new leader of his party is elected due to ongoing health issues from ulcerative colitis. TOP NEWS: A few very large names had news on restructuring and layoffs, most notably Coca-Cola ($KO), which gained 3% after the beverage giant announced it is undergoing a "portfolio rationalization process." The company's structural changes will result in the reallocation of some people and resources, which will include a voluntary separation program that will first be offered to approximately 4,000 employees in the U.S., Canada and Puerto Rico. Meanwhile, MGM Resorts ($MGM) is letting go of 18,000 furloughed employees in the U.S., CEO Bill Hornbuckle has informed employees. Hornbuckle said the company is required by law to issue layoff notices to furloughed workers who haven't been recalled after six months, but the company still expects to rehire those employees as demand returns. Shares of Herbalife Nutrition ($HLF) fell sharply following headlines from Bloomberg about prosecutions related to charges that the company bribed officials in China. However, the stock came off its worst levels as the Justice Department clarified that Herbalife has agreed to pay total penalties of more than $122M to resolve the government's investigation into violations of the Foreign Corrupt Practices Act. The company, which followed up by disclosing that it previously recognized an estimated aggregate accrued liability for these matters of approximately $123M, finished the day with a fractional decline. In earnings news, Dell Technologies ($DELL) and HP Inc. ($HPQ) rose about 6% apiece after both personal computer makers reported quarterly results that got a boost from the stay-at-home and work-from-home trends associated with the COVID-19 pandemic. Workday ($WDAY), which also benefited from pandemic-driven "WFH" trends, jumped 12.5% following its own quarterly report. In a potential boost to gambling and media companies, the National Basketball Association announced that playoff games will resume on Saturday, August 29, with the commitment that a social justice coalition will be formed. Additionally, The Wall Street Journal reported that the California state legislature has voted to approve a ban on Newports and other menthol cigarettes, following a similar ban passed in Massachusetts last year. Publicly traded companies in the tobacco space include Altria Group ($MO), British American Tobacco ($BTI), Imperial Brands ($IMBBY) and Philip Morris ($PM). MAJOR MOVERS: Among the noteworthy gainers was Nutanix ($NTNX), which gained 29% after reporting quarterly results and disclosing a $750M investment from Bain Capital. Among the notable losers was Plantronics ($PLT), which slid 13% after shareholder Siris sold 57% of its stake in the company. Also lower was Ollie's Bargain Outlet ($OLLI), which fell 9% after reporting quarterly results.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. . Want to trade some of these stocks?Are you interested in trading stocks to supplement your income or make a living? Maybe become a professional trader? 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