S&P, Nasdaq hit fresh record-highs

The S&P and the Nasdaq hit fresh record-highs led by technology stocks, while the Dow was slightly lower, at the open on Thursday, Oct 5, 2017. PHOTO: REUTERS

NEW YORK (REUTERS) -The three main US indexes climbed to fresh record-highs for the fourth day in a row on Thursday, propelled by gains in technology stocks.

Eight of the 11 major S&P indexes were higher, led by the information technology sector, which got a boost from Apple, Microsoft and Amazon.com.

Tech stocks, which have led much of the recent rally, have risen about 26 per cent this year. Data on Thursday (Oct 5) pointed to underlying strength in the economy despite weather-related disruptions, with the trade deficit narrowing in August and jobless claims falling more than expected last week.

Focus will now shift to the more comprehensive monthly jobs report, which is due on Friday. Global stocks came off all-time highs on Thursday as minutes from the European Central Bank's last meeting showed policymakers were concerned about the euro's rapid rise.

Investors are also gearing up for the upcoming third-quarter corporate earnings.

Earnings of S&P 500 companies are expected to rise 5.5 per cent in the quarter from a year earlier, according to Thomson Reuters data.

At 9:46 a.m. EDT (9:46 p.m. Singapore time), the Dow Jones Industrial Average was up 16.86 points, or 0.07 per cent, at 22,678.5, the S&P 500 was up 4.39 points, or 0.17 per cent, at 2,542.13. The Nasdaq Composite was up 22.88 points, or 0.35 per cent, at 6,557.51.

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