Dow, S&P 500 edge to new records

GMT 23:09 2014 Wednesday ,26 November

Arab Today, arab today Dow, S&P 500 edge to new records

Dow Jones Industrial Average stood
New York - AFP

The Dow and S&P 500 Wednesday edged higher to new records following a stream of mixed US economic data.
The Dow Jones Industrial Average rose 12.81 points (0.07 percent) to  17,827.75, about 10 points above the previous record.
The broad-based S&P 500 advanced 5.80 (0.28 percent) to 2,072.83, also an all-time high. The tech-rich Nasdaq Composite Index gained 29.07 (0.61 percent) at 4,787.32.
Data for October showed a slight increase in US consumer spending, a rise in durable goods orders and a modest increase in new-home sales. The Labor Department reported higher jobless claims for the week ending November 22.
The reports, while somewhat disappointing, "weren't terrible," said Michael James, managing director of equity trading at Wedbush Securities.
"Nothing about the data was enough to alter the  view that the US economy remains the strongest economy in the world and that US equities remain the best option among worldwide equity markets," he said.
"The trend of the last month keeps marching on."
US markets are closed Thursday for the Thanksgiving Day public holiday, and will close three hours early on Friday at 1800 GMT.
Drilling company Seadrill sank 22.8 percent as it suspended its dividend, citing "significant deterioration in the broader markets."
The Seadrill announcement added to pressure on oil services stocks, which fell as oil prices dropped on expectations that OPEC will not take significant action Thursday at a Vienna meeting.
Driller Transocean fell 8.1 percent, while Schlumberger fell 2.5 percent and Weatherford International lost 2.8 percent.
Online retail giant Amazon fell 0.4 percent as it slashed the price of its Fire mobile phones for the second time in an effort to ignite sales.
Deere, which manufactures tractors and other agriculture equipment, fell 0.9 percent as it projected a 15 percent decline in equipment sales in 2015.
Hewlett-Packard advanced 4.1 percent after fiscal fourth-quarter earnings met expectations even as revenues of $28.41 billion fell shy of the $28.76 billion projected by analysts.
GoPro, the maker of action cameras, jumped 5.8 percent on reports it is developing its own line of consumer drones.
Bond prices rose. The yield on the 10-year US Treasury fell to 2.23 percent from 2.26 percent Tuesday, while the 30-year dipped to 2.94 percent from 2.97 percent. Bond yields and prices move inversely.


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