By Stephen Culp
NEW YORK (Reuters) - The Dow Jones Industrial Average was the last among Wall Street's main indexes to regain record territory on Thursday as technology companies led a broad-based rally and trade worries faded.
Tech stocks lead all three major U.S. indexes higher, with the S&P 500 also hitting a new high.
Trade sentiment was further boosted as the dollar index <.DXY> fell to its lowest in more than ten weeks. A weaker dollar supports U.S. exports.
"It has a lot to with the ebbs and flows of the headlines coming out of Washington," said Matthew Keator, partner in the Keator Group, a wealth management firm in Lenox, Massachusetts. "The macro issue of the day is risk-on trade, risk-off trade."
"Corporate cashflow is at a record high, unemployment is low, regulatory reform and tax reform have certainly provided winds to the sails of the market," Keator added.
The U.S. Labor Department reported new claims for unemployment benefits fell last week to a near-49-year low, confirming a strong labour market a week before the U.S. Federal Reserve is expected to raise interest rates.
Meanwhile U.S. 10-year Treasury yields edged down, but remained close to a 4-month high ahead of the Fed's anticipated rate hike. Higher rates typically benefit the financial sector <.SPSY>, which was up 1.0 percent.
The Dow Jones Industrial Average <.DJI> rose 250.95 points, or 0.95 percent, to 26,656.71, the S&P 500 <.SPX> gained 23.32 points, or 0.80 percent, to 2,931.27 and the Nasdaq Composite <.IXIC> added 78.36 points, or 0.99 percent, to 8,028.40. Of the 11 major sectors of the S&P 500, eight were in positive territory.
Among the FAANG group of momentum stocks, Netflix Inc
Shares of Under Armour Inc
Defence stocks, including Northrop Grumman Corp
General Electric Co
Advancing issues outnumbered declining ones on the NYSE by a 2.17-to-1 ratio; on Nasdaq, a 2.77-to-1 ratio favoured advancers.
The S&P 500 posted 41 new 52-week highs and no new lows; the Nasdaq Composite recorded 53 new highs and 38 new lows.
(Reporting by Stephen Culp; Editing by Chizu Nomiyama)
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Updated Date: Sep 21, 2018 02:05 AM