U.S. stocks rose, with benchmark indexes closing at all-time highs, amid optimism the economy is showing sufficient strength to weather a slowdown overseas.
Phone companies led gains, while technology stocks rose as Hewlett-Packard Co. advanced to the highest level since May 2011 even after missing analyst earnings estimates. Energy producers decreased as Seadrill Ltd. suspended dividends amid the lowest oil prices in more than four years.
The Standard & Poors 500 Index rose 0.3 percent to 2,072.79 at 4 p.m. in New York, extending gains in the final 15 minutes of trading. The Dow Jones Industrial Average added 12.81 points, or 0.1 percent, to 17,827.75. Both gauges ended at records. The Nasdaq 100 Index climbed 0.7 percent to extend a 14-year high. U.S. markets will be closed tomorrow for the Thanksgiving holiday.
Consumer confidence climbed to a more than seven-year high in November as Americans views of their financial well-being improved heading into the holiday shopping season. A separate report showed consumer spending climbed in October at the same pace as incomes, showing households are staying within their means as the holiday-shopping season begins.
Source : Bloomberg