NEW YORK: Wall Street continued to set records for a fourth straight day on Wednesday, as investors were cheered by trade talks in Washington and rosy economic data.
Despite the fresh all-time highs for the tech-heavy Nasdaq and broad-based S&P 500, the major indices offered a mixed picture, with the benchmark Dow Jones Industrial Average briefly meandering lower for the first time in four days.
About 40 minutes into the day’s trading, the Dow was flat at 26,064.78 while the S&P 500 had added 0.2 percent at 2,901.74
The Nasdaq was up 0.4 percent at 8,058.38.
Patrick O’Hare of Briefing.com said stocks’ lack of clear direction was not a sign investors were uninterested in buying but that they were instead uninterested in selling.
“Market participants aren’t searching eagerly for the exit sign, because the tale of the tape suggests to them that the party isn’t over yet,” he wrote.
Investors were also eyeing trade talks in Washington to rewrite the 25-year-old North American Free Trade Agreement.
After Mexico struck a deal with the United States on Monday, Canadian Foreign Minister Chrystia Freeland told reporters on Wednesday she was “optimistic” about the chances to reach a three-nation deal for a new NAFTA.
Meanwhile, fresh GDP growth estimates showed the world’s largest economy had grown even faster in the second quarter than previously reported, clocking in at a 4.2 percent annual clip.
The tech sector was buoyant, lifted by gains in Amazon and Google parent Alphabet, which rose 1.5 percent and one percent respectively.
Amazon benefitted from a Morgan Stanley upgrade for the trillion-dollar company.
Apple meanwhile rose 0.3 percent but beleaguered electric automaker Tesla continued to slide after last week’s announcement cancelling plans to take the company private.
Source: Brecorder
