U.S. stock indexes hit record highs
A broad-based push higher for stocks sent indexes to new highs Thursday after yet more signs that the job market continues to improve. The Standard & Poor's 500, Dow Jones industrial average and Nasdaq composite all set records.
Driving stocks higher was a report indicating that employers picked up their hiring last month. That gave more encouragement to investors, many of whom were already looking to buy.
“The market's ahead of itself, but I'm not surprised,” said Linda Duessel, senior equity strategist at Federated Investors. She talks with financial advisors managing money for clients, and many tell her they see any pullback in stock prices as an opportunity to buy rather than a source of concern.
President Trump's announcement late in the trading day that the U.S. would withdraw from the worldwide pact on climate change had little effect on markets.
Other reports on the U.S. economy were mixed Thursday. Manufacturing growth picked up last month and was stronger than expected, but construction spending weakened in April. A separate report showed that the number of workers filing for unemployment rose last week, but the level remains low by historical standards.
The stock market's gains were widespread; all 11 sectors that make up the S&P 500 rose. Healthcare and financial stocks led the way.
Discount retailer Dollar General jumped 6.5% to $78.19, one of the biggest gains in the S&P 500, after it reported stronger-than-expected quarterly earnings.
Deere rose 1.8% to $124.70 after it agreed to buy Wirtgen Group, a German maker of road-construction equipment, for about $5.2 billion, including debt.
Box climbed 9.5% to after the online storage provider posted quarterly results that impressed investors.
Palo Alto Networks jumped 17.2% to $138.99 after the security software company posted quarterly results that beat expectations.
Hewlett Packard Enterprise slid 6.9%, to $17.52, the largest loss in the S&P 500, after it reported disappointing quarterly results.
Express dived 19.2% to $6.27 after the clothing retailer said discounts cut into its profit margins and it lowered its annual outlook.
The yield on the 10-year Treasury note held steady at 2.21%. The dollar rose to 111.33 yen from 110.57 yen. The euro fell to $1.1214 from $1.1246.
Benchmark U.S. crude oil rose 4 cents to $48.36 a barrel. Brent crude fell 13 cents to $50.63 a barrel. Natural gas fell 6 cents to $3.01 per 1,000 cubic feet, heating oil fell 2 cents to $1.50 a gallon and wholesale gasoline stayed at $1.60 a gallon.
Gold fell $5.30 to $1,270.10 an ounce. Silver fell 13 cents to $17.28 an ounce. Copper rose 1 cent to $2.59 a pound.