Stocks end with gains; Nasdaq holds above 4,000
The Wall Street sign near the front of the New York Stock Exchange. There are no major earnings reports due Nov. 27, 2013, before the market closes for the holiday, but a surprisingly strong jobs report helped to keep momentum going. (Aug. 5, 2011) Credit: AFP/Getty Images
Technology companies lifted the stock market Wednesday, keeping major indexes at record levels.
Hewlett-Packard surged, leading the gains for tech companies, after it posted a $1.4 billion profit for its latest quarter. The world's second-largest maker of PCs also issued a strong profit forecast for its current quarter.
Stocks also got a boost from some encouraging news about the U.S. economy.
The number of Americans seeking unemployment benefits dropped 10,000 last week to a seasonally adjusted 316,000, according to the U.S. Labor Department. And consumer confidence rose in November, according to a survey by the University of Michigan and Thomson Reuters.
Trading volumes were lower than average before Thursday's Thanksgiving holiday, when financial markets will be closed. The New York Stock Exchange and the Nasdaq will also close early Friday.
On Wednesday, the Standard & Poor's 500 index climbed 0.25 percent to close at an all-time high of 1,807.23.
The Dow Jones industrial average rose 24.53 points to close at its own record high of 16,097.33. The blue-chip index finished higher for a fifth straight day.
The Nasdaq composite advanced 0.67 percent to 4,044.75. -- AP
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