Stocks ended higher Wednesday, building on their record-setting run after the release of stronger-than-forecast economic data.
The Dow gained 42 points to close at 28,164. The S&P 500 climbed 0.4%, while the Nasdaq advanced nearly 0.7%. The averages posted intraday records and notched their fourth straight day of gains.
Apple and Facebook contributed to Wednesday’s gains, adding 1% and 1.7%, respectively. Amazon gained by 1.2% while Netflix rose 1.1%.
Consumer discretionary was the best-performing sector in the S&P 500 ahead of Black Friday, rising 0.8% as Under Armour shares outperformed. The apparel maker’s stock traded 6% higher after an analyst at Raymond James upgraded it to strong buy from outperform, noting the stock is underrated and an underdog.
Strong economic data supported the gains. Durable goods orders rose 0.6% in October while economists expected a decline of 0.8%. Weekly jobless claims, meanwhile, fell to 213,000 from 227,000. Third-quarter GDP was revised to show growth of 2.1%. That’s up from a previous reading of 1.9%.
Meanwhile, the Federal Reserve’s summary of economic conditions — better known as the Beige Book — showed the central bank saw the economy expanding modestly between October and mid-November. “Outlooks generally remained positive with some contacts expecting the current pace of growth to continue into next year,” the Beige Book said.
The major averages have been on fire over the past month as optimism around U.S.-China trade talks increases. The Dow and S&P 500 are both up more than 4% in that time, while the Nasdaq is up more than 5%.
On Tuesday, President Donald Trump said negotiators were close to reaching an initial trade deal. Trump’s upbeat comments on trade followed a phone call between officials from the U.S. and China. The negotiators agreed to keep working on remaining issues.
Those comments came after Trump said last month that a “phase one” trade deal was in the works.
The Dow gained 42 points to close at 28,164. The S&P 500 climbed 0.4%, while the Nasdaq advanced nearly 0.7%. The averages posted intraday records and notched their fourth straight day of gains.
Apple and Facebook contributed to Wednesday’s gains, adding 1% and 1.7%, respectively. Amazon gained by 1.2% while Netflix rose 1.1%.
Consumer discretionary was the best-performing sector in the S&P 500 ahead of Black Friday, rising 0.8% as Under Armour shares outperformed. The apparel maker’s stock traded 6% higher after an analyst at Raymond James upgraded it to strong buy from outperform, noting the stock is underrated and an underdog.
Strong economic data supported the gains. Durable goods orders rose 0.6% in October while economists expected a decline of 0.8%. Weekly jobless claims, meanwhile, fell to 213,000 from 227,000. Third-quarter GDP was revised to show growth of 2.1%. That’s up from a previous reading of 1.9%.
Meanwhile, the Federal Reserve’s summary of economic conditions — better known as the Beige Book — showed the central bank saw the economy expanding modestly between October and mid-November. “Outlooks generally remained positive with some contacts expecting the current pace of growth to continue into next year,” the Beige Book said.
The major averages have been on fire over the past month as optimism around U.S.-China trade talks increases. The Dow and S&P 500 are both up more than 4% in that time, while the Nasdaq is up more than 5%.
On Tuesday, President Donald Trump said negotiators were close to reaching an initial trade deal. Trump’s upbeat comments on trade followed a phone call between officials from the U.S. and China. The negotiators agreed to keep working on remaining issues.
Those comments came after Trump said last month that a “phase one” trade deal was in the works.