By Stephen Culp
NEW YORK (Reuters) - Trade-sensitive industrial stocks led the Dow Jones Industrial Average to a record closing high on Thursday, the last of Wall Street's main indexes to fully regain ground since a correction that began in January.
All three major U.S. 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.
The market took the ongoing trade dispute in stride, and was further boosted as the dollar index <.DXY> fell to its lowest in more than ten weeks. A weaker dollar supports U.S. 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 <.DJI> rose 251.22 points, or 0.95 percent, to 26,656.98, the S&P 500 <.SPX> gained 22.8 points, or 0.78 percent, to 2,930.75 and the Nasdaq Composite <.IXIC> added 78.19 points, or 0.98 percent, to 8,028.23.
The last time the S&P and Dow hit record intraday highs without the Nasdaq following suit was Dec. 13, 2017.
Of the 11 major sectors of the S&P 500, all but energy <.SPNY> ended the session in positive territory.
Among the FAANG group of momentum stocks, Netflix Inc
Shares of Under Armour Inc
Defense stocks, including Northrop Grumman Corp
General Electric Co
Advancing issues outnumbered declining ones on the NYSE by a 2.15-to-1 ratio; on Nasdaq, a 2.68-to-1 ratio favored advancers.
The S&P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 58 new highs and 44 new lows.
Volume on U.S. exchanges was 6.88 billion shares, compared with the 6.31 billion average for the full session over the last 20 trading days.
(Reporting by Stephen Culp; Editing by Lisa Shumaker)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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Updated Date: Sep 21, 2018 03:05:20 IST