Stocks posted a third-consecutive week of gains last Friday, with the Dow Jones Industrial Average and Standard & Poor's (S&P) 500 Index posting record highs. A rise in Google and other technology shares helped offset a slide in energy stocks. Equities have risen on the Federal Reserve's accommodative monetary stance and some encouraging corporate earnings, but analysts warn momentum could wane without further positive signs. Meanwhile, oil prices tumbled as the U.S. dollar hit a 4.5-year high against the yen. A strong dollar makes commodities priced in the greenback, such as gold and oil, more expensive for foreign investors, pressuring shares of energy and other basic materials companies. Shares of electric carmaker Tesla Motors jumped 10.6% to $76.76 last Friday, adding to its previous day's gain of 24.4% and making it one of Nasdaq's top percentage gainers. For the week, the Dow rose 1% to 15,118.49. The S&P 500 Index jumped 1.2% to 1,633.70, while the Nasdaq surged 1.7% to 3,436.58.
Mirroring the behavior of the top-three stock indexes, the Government Development Bank's Puerto Rico Stock Index (PRSI) closed the week in positive territory for the third week in a row last week, buoyed by the stock market's rally. For the week, the PRSI added 47.07, or 2.49%, to close at 1,936.1. Leading the list of gainers last week was OFG Bancorp, which gained 83˘, or 5.12%, to close at $17.03. It was followed by Popular Inc., which surged 90˘, or 3.13%, to close at $29.64. Shares of First BanCorp inched up 10˘, or 1.69%, to close at $6.01. Last week's top nongainer was Doral Financial Corp., which lost 3˘, or 3.73%, to close at 77˘, after posting a net loss of $12.4 million in the first quarter. It was followed by Triple-S Management Corp., which erased 27˘, or 1.36%, to close at $19.53.