Dow and S&P 500 hit records, Nasdaq lifted by tech

Paul Dykewicz

Dow and S&P 500 hit records, Nasdaq lifted by tech (Reuters)

The Dow Jones Industrial Average (DJI) and the S&P 500 Index (GSPC) closed at record highs today as Hewlett-Packard shares soared 9 percent to lead the rise just a day after the personal computer maker reported stronger-than-expected earnings, while the Nasdaq (IXIC) reached a 13-year high. The Dow rose 24.53 points, or 0.15 percent, to end at 16,097.33 to hit a record closing high, with the S&P 500 climbing 4.48 points, or 0.25 percent, to finish at 1,807.23, also a record closing high. The Nasdaq Composite added 27.001 points, or 0.67 percent, to close at 4,044.75, aided by Apple Inc (AAPL.O) jumping 2.4 percent to $545.96 — its highest mark since January. Technology stocks overeall have lagged the broader market this year, with the S&P information technology sector index (SPLRCT) rising almost 21 percent, compared with the S&P 500’s 27 percent surge. “We’re seeing some rotation into the tech sector, which was left out of broader market gains,” said Frank Davis, director of sales and trading at LEK Securities, in New York. On the downside, energy was the day’s worst-performing sector. The S&P index of energy shares (SPNY) fell 0.7 percent after a higher-than-expected increase in U.S. crude oil inventories. U.S. light crude oil futures fell 1.5 percent to close at $92.30 a barrel, which may lead to reduced gasoline prices for consumers. Trading volume Wednesday was light at 4.37 billion shares, according to BATS, on the eve of the Thanksgiving holiday when the U.S. markets will be closed. Friday resumes on Friday but closes early at 1 p.m.

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