Stocks edged up for a fourth straight day to score another round of records Wednesday, supported by rosier U.S. economic data and ongoing hopes for a U.S. - China trade deal, but Wall Street trading volumes were thinner than usual ahead of the Thanksgiving Day holiday Thursday.
U.S. financial markets will be closed Thursday for Thanksgiving Day and will have an abbreviated trading schedule on Friday.
What are major indexes doing?
- The Dow Jones Industrial Average DJIA, +0.15% closed up 42.32 points or 0.15% at 28,164.00 for a record, while
- The S&P 500 SPX, +0.42% gained 13.11 points or 0.42% to 3,153.63 and
- The Nasdaq COMP, +0.66% ended up 57.24 points or 0.66% at 8,705.18.
Each of the three major indexes closed at a record.
What drove the market?
- U.S. GDP Q3 data on Wednesday showed the U.S. economy expanded at a 2.1% annual pace versus a previous estimate of 1.9%.
- U.S. first-time unemployment benefits claims at historic lows. Initial claims declined 15,000 to 213,000 in the week ended Nov. 23.
- A gauge of inflation favored by the Federal Reserve dipped to a 1.6% yearly gain in October, from a previous 1.7% run rate, the government said. Personal incomes were flat, and consumer spending rose 0.3% while the savings rate ticked down modestly.
Which companies are in focus?
Apple AAPL, +1.34%,
Amazon AMZN, +1.20% and
Facebook FB, +1.52% each gained more than 1%.
Boeing BA, -1.48% lost 1.5% and weighed on the Dow, after the Federal Aviation Administration said it will keep full control over approvals of each new Boeing 737 Max built since the planes were grounded in March, rather than delegating some of the work to Boeing employees. Also the fuselage of a Boeing 777X split open during a stress test in September, according to the Seattle Times.
Shares of Dell Technologies Inc. DELL, -5.40% fell 5.4% after the PC manufacturer cut its revenue guidance late Tuesday and cited a shortage of chips from Intel Corp. INTC, -0.66%.