By Noel Randewich
(Reuters) - Wall Street climbed on Thursday, helped by gains in Apple, Alphabet and Facebook, as well as the U.S. Federal Reserve's confidence in the strength of the economy after it raised rates for the third time this year.
Eight out of 11 sectors rose, with the S&P 500 communication services index <.SPLRCL>, recently renamed and reconstituted with Facebook
Alphabet rose 1.20 percent and Facebook climbed 1.13 percent, both helping lift the S&P 500.
While raising interest rates on Wednesday, the Fed left its monetary policy outlook for the coming years largely unchanged. Stocks closed lower after the rate hike, but on Thursday some investors refocused on the central bank's confidence in the economy's growth.
"The Fed's statement is essentially a green light for the economy. It's a confirmation that the U.S. economy is the best game in town for global investors," said Jeffrey Kravetz, regional investment director at the Private Client Reserve of U.S. Bank.
Adding to feel-good sentiment was data showing economic growth accelerated in the second quarter at its fastest pace in nearly four years as previously estimated.
Starting on Monday, the telecommunications sector was renamed "communication services" and reconstituted with major internet and media companies alongside AT&T
The Dow Jones Industrial Average <.DJI> rose 0.21 percent to end at 26,439.93 points, while the S&P 500 <.SPX> gained 0.28 percent to 2,914.
The Nasdaq Composite <.IXIC> added 0.65 percent to 8,041.97.
The S&P 500 materials index <.SPLRCM> dipped 0.97 percent, while the utilities index <.SPLRCU> added 0.96 percent, more than any other.
Cruise operator Carnival Corp
That weighed on rivals, with Kellogg
Advancing issues outnumbered declining ones on the NYSE by a 1.22-to-1 ratio; on Nasdaq, a 1.01-to-1 ratio favoured advancers.
The S&P 500 posted 17 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 55 new highs and 63 new lows.
Volume on U.S. exchanges was 6.2 billion shares, compared to a 6.8 billion average over the last 20 trading days.
(Reporting by Noel Randewich in San Francisco, additional reporting by Amy Caren Daniel in Bengaluru; Editing by Nick Zieminski and Bill Berkrot)
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Updated Date: Sep 28, 2018 03:05 AM