Industrials lead Dow to record high
Trade-sensitive industrial stocks have led the Dow Jones Industrial Average to a record closing high, the last of Wall Street's main indexes to fully regain ground since a correction that began in January.
All three major US indexes closed higher as trade worries subsided. Technology companies led the Nasdaq higher, along with the S&P 500, which also hit a new closing high.
Microsoft and Apple rose 1.7 per cent and 0.8 per cent, respectively. The companies headed up the tech sector's 1.2 per cent gain.
The market took the ongoing trade dispute in stride, and was further boosted as the US dollar index fell to its lowest in more than ten weeks. A weaker dollar supports US exports.
"When it's confirmed you're at new highs people see that as an all-clear signal and they jump in," said Mark Hackett, chief of investment research, Nationwide in Downingtown, Pennsylvania.
"There's no individual headlines that would cause it."
Bernard Baumohl, chief global economist at the Economic Outlook Group in Princeton, New Jersey, agreed, but saw reason for caution.
"The feeling is the stock market resembles a drunk at the top of a hill," Baumohl said.
"He's wobbling and you know that drunk's going to fall but you just don't know when or how hard."
The Dow Jones Industrial Average rose 251.22 points, or 0.95 per cent, to 26,656.98, the S&P 500 gained 22.8 points, or 0.78 per cent, to 2,930.75 and the Nasdaq Composite added 78.19 points, or 0.98 per cent, to 8,028.23.
The last time the S&P and Dow hit record intraday highs without the Nasdaq following suit was December 13, 2017.
Of the 11 major sectors of the S&P 500, all but energy ended the session in positive territory.
Among the FAANG group of momentum stocks, Netflix closed lower.
The remaining FAANGs gained ground, with Facebook, Apple, Amazon.com and Google parent Alphabet, gaining between 0.8 and 1.8 per cent.
Nike rose 1.1 per cent after an analysis of the company's online sales data by Thomson Reuters Proprietary Research revealed it had sold out of 61 per cent more merchandise since the appearance the ad campaign featuring NFL player Colin Kaepernick.
Shares of Under Armour jumped 6.6 per cent as the sportswear company announced it was cutting 3 per cent of its workforce as part of its turnaround scheme.
Defence stocks, including Northrop Grumman, Lockheed Martin and Raytheon lost ground after the United States said it was ready to resume talks with North Korea after Pyongyang pledged to denuclearise by 2021.
Volume on US exchanges was 6.88 billion shares, compared with the 6.31 billion average for the full session over the last 20 trading days.
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