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[NEW YORK] Wall Street ended in mixed territory on Thursday but the blue-chip Dow hit a tenth consecutive all-time high, breaking a 30-year record. But the broader S&P 500 finished flat and the Nasdaq fell for second day, weighed lower by tech stocks. Exxon Mobil gained one per cent while Chevron added 0.6 per cent and ConocoPhillips rose 0.4 per cent. The S&P scraped into positive territory, rising less than a tenth of a percentage point to 2,363.81 while the Nasdaq fell 0.4 per cent to 5,835.51. The Dow Jones Industrial Average rose 0.2 per cent to end at 20,810.32.
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On the Nasdaq, 1,277 issues rose and 819 fell.The S&P 500 index showed 35 new 52-week highs and one new low, while the Nasdaq recorded 56 new highs and four new lows. NEW YORK: The S&P 500 and the Dow Jones Industrial Average hit record intraday highs on Thursday as a rally in oil prices added to optimism about US President Donald Trump's proposed tax reforms.Oil prices surged 2% on Thursday after data showed a surprise decline in US inventories, suggesting a global oversupply maybe be ending.The S&P 500 energy index jumped 0.9 percent, led by gains in Exxon and Chevron. Shares of rival Edwards Lifesciences rose 7% and were the biggest gainers on the S&P.Carter's rose 6% after the company agreed to buy baby and parenting products maker Skip Hop for US$140mil.L Brands dropped 14% after reporting weakening demand at its Victoria's Secret business.Nvidia slipped 5.8% and was the biggest drag on the Nasdaq after Instinet downgraded the stock to "reduce" from "buy".Advancing issues outnumbered decliners on the NYSE by 1,979 to 536. The index has hit record highs in nine of the past 10 sessions.The S&P 500 was up 4.94 points, or 0.21%, at 2,367.76 and the Nasdaq Composite was up 2.30 points, or 0.04%, at 5,862.93.All of the 11 major S&P 500 sectors were higher, with industrials and technology bringing up the rear.A Labour Department report showed the number of Americans applying for unemployment benefit rose slightly more than expected last week, but the four-week average of claims fell to its lowest level since 1973, pointing to strengthening labor market conditions.Shares of HP Inc rose 4.5% to US$16.92 after the computer hardware maker reported a rise in quarterly revenue.Boston Scientific slumped 6.7% after the company recalled its Lotus Valve heart devices, citing reports of problems with the locking mechanism. The sector also provided the biggest boost to the broader index.US stocks have been on a record-setting rally in the past two weeks after Trump said his administration would make a major tax announcement in the coming weeks.Treasury Secretary Steven Mnuchin told CNBC on Thursday that he expected a "very significant" tax reform to be enacted by Congress' August recess."There is an incremental buy on the market everyday," said Drew Forman, co-head of sales and trading equity at Macro Risk Advisors in New York."However, people are getting complacent ... and we're going to need to see some results from the president and the government on some of these policies before we see a huge breakout."The S&P 500 has not moved more than 1% in either direction since Dec 7.At 9:33am ET, the Dow Jones Industrial Average was up 38.11 points, or 0.18%, at 20,813.71.
The Dow Jones industrial average rose about 35 points and notched its 10th straight record close, with Johnson & Johnson contributing the most gains. In an interview with CNBC's "Squawk Box," Mnuchin said he wants to see "very significant" tax reform passed before Congress' August recess. "You've got the economy improving on its own, even without tax reform," said Bruce Bittles, chief investment strategist at Baird. The prospect of tax reform has been one of the key catalysts in the U.S. stock market's postelection rally, along with deregulation and government spending. "Investors want to see more details," said Kate Warne, investment strategist at Edward Jones.
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[NEW YORK] Wall Street ended in mixed territory on Thursday but the blue-chip Dow hit a tenth consecutive all-time high, breaking a 30-year record. But the broader S&P 500 finished flat and the Nasdaq fell for second day, weighed lower by tech stocks. Exxon Mobil gained one per cent while Chevron added 0.6 per cent and ConocoPhillips rose 0.4 per cent. The S&P scraped into positive territory, rising less than a tenth of a percentage point to 2,363.81 while the Nasdaq fell 0.4 per cent to 5,835.51. The Dow Jones Industrial Average rose 0.2 per cent to end at 20,810.32.
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S&P, Dow hit record highs as oil prices rally - Business News
On the Nasdaq, 1,277 issues rose and 819 fell.The S&P 500 index showed 35 new 52-week highs and one new low, while the Nasdaq recorded 56 new highs and four new lows. NEW YORK: The S&P 500 and the Dow Jones Industrial Average hit record intraday highs on Thursday as a rally in oil prices added to optimism about US President Donald Trump's proposed tax reforms.Oil prices surged 2% on Thursday after data showed a surprise decline in US inventories, suggesting a global oversupply maybe be ending.The S&P 500 energy index jumped 0.9 percent, led by gains in Exxon and Chevron. Shares of rival Edwards Lifesciences rose 7% and were the biggest gainers on the S&P.Carter's rose 6% after the company agreed to buy baby and parenting products maker Skip Hop for US$140mil.L Brands dropped 14% after reporting weakening demand at its Victoria's Secret business.Nvidia slipped 5.8% and was the biggest drag on the Nasdaq after Instinet downgraded the stock to "reduce" from "buy".Advancing issues outnumbered decliners on the NYSE by 1,979 to 536. The index has hit record highs in nine of the past 10 sessions.The S&P 500 was up 4.94 points, or 0.21%, at 2,367.76 and the Nasdaq Composite was up 2.30 points, or 0.04%, at 5,862.93.All of the 11 major S&P 500 sectors were higher, with industrials and technology bringing up the rear.A Labour Department report showed the number of Americans applying for unemployment benefit rose slightly more than expected last week, but the four-week average of claims fell to its lowest level since 1973, pointing to strengthening labor market conditions.Shares of HP Inc rose 4.5% to US$16.92 after the computer hardware maker reported a rise in quarterly revenue.Boston Scientific slumped 6.7% after the company recalled its Lotus Valve heart devices, citing reports of problems with the locking mechanism. The sector also provided the biggest boost to the broader index.US stocks have been on a record-setting rally in the past two weeks after Trump said his administration would make a major tax announcement in the coming weeks.Treasury Secretary Steven Mnuchin told CNBC on Thursday that he expected a "very significant" tax reform to be enacted by Congress' August recess."There is an incremental buy on the market everyday," said Drew Forman, co-head of sales and trading equity at Macro Risk Advisors in New York."However, people are getting complacent ... and we're going to need to see some results from the president and the government on some of these policies before we see a huge breakout."The S&P 500 has not moved more than 1% in either direction since Dec 7.At 9:33am ET, the Dow Jones Industrial Average was up 38.11 points, or 0.18%, at 20,813.71.
The Dow Jones industrial average rose about 35 points and notched its 10th straight record close, with Johnson & Johnson contributing the most gains. In an interview with CNBC's "Squawk Box," Mnuchin said he wants to see "very significant" tax reform passed before Congress' August recess. "You've got the economy improving on its own, even without tax reform," said Bruce Bittles, chief investment strategist at Baird. The prospect of tax reform has been one of the key catalysts in the U.S. stock market's postelection rally, along with deregulation and government spending. "Investors want to see more details," said Kate Warne, investment strategist at Edward Jones.
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