December 15, 2017
Wednesday, November 26, 2014

S&P 500 ends at record high boosted by tech shares

US stocks were little changed after disappointing US home sales data, while high-yielding sectors were offset by declines in energy stocks.

The less-than housing robust data fed worries the US economy might be losing momentum. Also feeding those concerns were data showing US consumer spending rose modestly in October while a key measure of business spending plans fell for a second straight month.

The Dow Jones industrial average fell 11.91 points, or 0.07 percent, to 17,803.03. The S&P 500 rose 2.49 points, or 0.12 percent, to 2,069.52 and the Nasdaq Composite added 18.40 points, or 0.39 percent, to 4,776.65.

Indexes continued to be in a tight range going into the Thanksgiving holiday. Wall Street will be closed on Thursday and Friday will be a half-day session.

Across the Atlantic, European shares rose today, with Germany's blue chip index climbing for the 10th straight session as investors continued to bet on more monetary stimulus in the euro zone.

Gains were capped by falls in energy shares, however, with Norwegian offshore driller Seadrill slumping after the company suspended its dividend.

The pan-European FTSEurofirst 300 index was up 0.3 percent a 1,392.80 points, ahead for the fourth straight day. Germany's Dax was up 0.6 percent, on track for its longest winning streak since may 2013.

Euro zone bourses have been rising since European Central Bank President Mario Draghi opened the door to more aggressive asset purchases and China cut interest rates, boosting the allure of assets that depend on growth and offer higher yields than government bonds, such as stocks.

The Dax has risen 8 percent since November 17 as reassuring German GDP and sentiment surveys confounded investor bets on the state of Europe's largest economy, which had been hit by cross sanctions imposed by the European Union and Russia.

The Dax has underperformed the US S&P 500 index by 20 percent since the start of the year.

Deutsche Bank rose 1.6 percent after Fitch affirmed its rating of "A+", albeit with a negative outlook.

German fashion retailer Zalando's shares jumped 10.4 percent to levels not seen since its debut last month after it said it was on track for its first full-year profit.

Heavyweight energy companies lagged, however, after Brent crude hit a low of $78 ahead of OPEC talks.

Seadrill fell 16 percent after it suspended dividend payments to reduce its debt.

British holiday company Thomas Cook slumped 20 percent after it said chief executive Harriet Green was stepping down two years after leading a turnaround of the group.

Meanwhile, Japanese stocks edged down today as investors cautiously awaited a slew of US economic data and a holiday-shortened U.S. trading week dampened risk appetite, while Honda Motor Co fell sharply after under-reporting accidents.

The Nikkei benchmark ended 0.1 percent lower at 17,383.58. US durable goods and initial jobless claims figures are among data due later in the day.

Honda tumbled 2.9 percent to a one-week low after admitting it had failed to report serious accidents in the United States since 2003.

The broader Topix fell 0.2 percent to 1,406.40, while the JPX-Nikkei Index 400 shed 0.3 percent to 12,816.64.

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Tags:  Stocks  shares  FTSEurofirst  Nikkei  US  Dow Jones  

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