Friday, 25 November 2016

Dow, S&P 500 set record high closes ahead of holiday

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The Dow and the S&P 500 eked out record high closes on Wednesday ahead of the Thanksgiving holiday, helped by gains in industrial stocks, though losses in technology shares limited the advance and weighed on the Nasdaq. Caterpillar rose 2.7 percent and hit the highest in about two years, while Deere jumped 11 percent to a record high close after the farm equipment maker reported a much smaller-than-expected decline in profit. 

 

Industrial stocks also were given a boost by a report that showed a strong jump in orders for durable goods in October due to demand for machinery and other equipment. The S&P industrial index, up 0.8 percent on the day, has risen 7 percent since the November 8 US election. The Dow transportation average jumped 1 percent.

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