US STOCKS-Wall Street ends at record highs as investors eye fiscal stimulus

  • Reuters
  • Stock Market News
US STOCKS-Wall Street ends at record highs as investors eye fiscal stimulus
Credit: © Reuters.

* Weekly jobless claims at 885,000 vs 862,000 in prior week

* S&P 500 tech, consumer discretionary sectors hit intraday record highs

* Alphabet dips after states file antitrust complaint


(Updates with close of trading)

By Noel Randewich and Karen Pierog

Dec 17 (Reuters) - Wall Street's three main indexes closed at record highs on Thursday as investors grew more optimistic about a coronavirus stimulus bill, helping markets look past signs of economic strain brought on by the COVID-19 pandemic.

The S&P 500 technology .SPLRCT and consumer discretionary .SPLRCD indexes hit intraday record highs.

A surge in technology outsourcing firm Accenture (NYSE: ACN ) ACN.N gave the S&P 500 a major lift.

Top Republicans and Democrats grew closer to agreeing on a fresh round of aid in response to a crisis that has killed nearly 309,000 Americans and thrown millions out of work. investors saw the passing of new measures to support the economy as imminent after data showed the number of Americans filing first-time claims for jobless benefits unexpectedly rose last week. followed a reading on Wednesday that showed U.S. retail sales falling more than expected in November, as consumer spending remained constrained. all about stimulus today and expectations of a pathway to the deal," said Ryan Giannotto, director of research at GraniteShares in New York City.

Developments on the vaccine front were also lifting the market, with Moderna Inc MRNA.O awaiting U.S. approval for deploying what would be the nation's second COVID-19 vaccine. S&P 500, Dow Jones Industrial Average, Nasdaq and Russell 2000 index .RUT of smaller companies all closed at their highest levels ever.

The S&P 500 has climbed about 15% in 2020, despite the economic destruction caused by the coronavirus.

Unofficially, the Dow Jones Industrial Average .DJI rose 0.49% to end at 30,301.79 points, while the S&P 500 .SPX gained 0.57% to 3,722.43.

The Nasdaq Composite .IXIC climbed 0.84% to 12,764.

"In the very short term, I think we are a little bit over bought here," said Randy Frederick, vice president of trading and derivatives at Charles Schwab (NYSE: SCHW ).

He noted that best-performing sectors like technology were most at risk of a pull back, while some of the "more unloved sectors" like financials and energy were getting fresh attention as investors looked for bargains.

Google-parent Alphabet GOOGL.O dipped after a group of 38 U.S. states and territories filed an antitrust complaint accusing Google of trying to extend its search monopoly to dominate smart speakers, televisions and cars. jumped after it raised its annual sales forecast and beat quarterly revenue estimates as an extended work-from-home period boosted its digital, cloud and security services. Mills Inc GIS.N rose after it beat second-quarter profit estimates, boosted by sales of its pet foods and baking products.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

  • mukesh asnani @mukesh asnani
    how much of this is morphed, can't say
    Like 0

Related Articles