Wall Street: U.S. stocks climb to record highs
U.S. stocks climbed to record highs as Wal-Mart Stores Inc. led a rally in consumer shares, and energy producers climbed along with oil prices. The euro strengthened after Catalonia’s president stepped back from declaring immediate independence from Spain.
The dollar weakened against most major currencies as President Donald Trump’s feud with Sen. Bob Corker clouded the outlook for his much-heralded tax reform. Traders are also waiting for minutes from the Federal Reserve’s last meeting, which may provide more details on the path of interest rates and balance sheet tapering. The S&P 500 Index, Dow Jones Industrial Average and Nasdaq Composite Index all set record highs.
“The economy is kind of just chugging along here,” said Brian Frank, portfolio manager at Key Biscayne, Fla.-based Frank Capital Partners LLC.
Gold gained as the greenback weakened, and West Texas oil rose above $50 a barrel before U.S. government data forecast to show crude inventories extended declines for a third week.
The S&P 500 Index rose 0.2 percent to close at 2,550.66 after climbing to a record 2,555.23. The Dow Jones Industrial Average gained 0.3 percent to hit a high of 22,850.51. The Nasdaq reached a record 6,608.301, and finished the day up 0.1 percent.