S&P 500 hits record on dividend stocks, Ukraine

NEW YORK - A surge in dividend-rich utility stocks helped push the Standard & Poor's 500 index to a record Friday.

Investors bought up the stocks after the government reported that U.S. employers added fewer jobs than forecast for August. That boosted demand for bonds and pushed down yields. In turn, stocks with big dividends became more attractive to investors seeking income-paying securities.

The stock market also got a lift from a cease-fire agreement between Ukraine and Russian-backed separatists aimed at bringing an end to nearly five months of fighting.

The S&P 500 index rose 10.06 points, or 0.50 percent, to 2,007.71, surpassing its previous record close of 2,003.37, set Aug. 29. The index has now logged 33 all-time highs this year.

The Dow Jones industrial average gained 67.78 points, or 0.40 percent, to 17,137.36. The Nasdaq composite gained 20.61 points, or 0.45 percent, to 4,582.90.

Among individual stocks making big moves Friday, Vertex Pharmaceuticals was the biggest gainer in the S&P 500 index. The drugmaker's stock rose $3.49, or 3.8 percent, to $95.04 after analysts at Goldman Sachs raised their rating on the stock to "buy" from "neutral," citing the outlook for the company's cystic fibrosis treatment.

Michael Kors was the biggest decliner in the index. The clothing retailer fell $3.58, or 4.5 percent, to $76.39 after Sportswear Holdings, one of its principal founding stockholders, said it was selling its remaining shares.

Chinese e-commerce company Alibaba Group said after the stock market close it was seeking to raise up to $24.3 billion in its forthcoming IPO, an amount that would be the most ever raised by a company heading into its stock market debut.