US close: S&P 500 and Nasdaq hit fresh record highs

(Sharecast News) - Major indices closed higher on Wednesday, with both the S&P 500 and Nasdaq Composite notching yet another record close. At the close, the Dow Jones Industrial Average was up 0.69% at 45,014.04, while the S&P 500 advanced 0.61% to 6,086.49 and the Nasdaq Composite saw out the session 1.30% firmer at 19,735.12.

The Dow closed 308.51 points higher on Wednesday, more than reversing losses recorded in the previous session.

A number of data points were in focus throughout the session, with mortgage applications rising 2.8% in the week ended 29 November, according to the Mortgage Bankers Association, slowing from the previous week's 6.3% surge. Applications to refinance a mortgage retreated, while applications to purchase a home surged.

Elsewhere on the macro front, Private sector employment in the US rose less than expected in November, according to ADP. Employment increased by 146,000 from October, versus expectations for a 163,000 jump. October's gain was revised down from 233,000 to 184,000.

On another note, S&P Global's composite PMI climbed to 54.9 in November, short of preliminary estimates for a reading of 55.3 despite being a 31-month high. S&P's services PMI was downwardly revised from a preliminary reading of 57 to 56.1 in November but remained above October's reading of 55.

Still on data, new orders for US manufactured goods increased by 0.2% to $586.7bn in October, according to the Census Bureau, in line with expectations and following September's 0.2% month-on-month decrease.

Finally, the Institute for Supply Management's November services PMI declined to 52.1 in November, down from 56 in October and well and truly short of expectations for a reading of 55.5. Last month's reading pointed to the slowest growth in the services sector in three months, driven by falling business activity, new orders, employment and supplier deliveries.

Comments from Federal Reserve chairman Jerome Powell also drew an amount of investor attention, with the head of the central bank stating he wasn't worried about president-elect Donald Trump trying to politicising the Fed when he takes office next year. In terms of policy, Powell provided no insight into which way he was leaning when it comes to the near-term path for interest rates but he did state that the Federal Reserve can afford to be cautious.

In the corporate space, Salesforce shares traded higher on the back of Q3 revenues that came in ahead of expectations on the Street, while chipmaker Marvell also advanced after posting Q3 earnings that came in ahead of expectations and issuing strong Q4 guidance.

Discount retailer Dollar Tree beat earnings estimates, while Foot Locker was in the red after the sportswear retailer provided a disappointing holiday outlook.

On another note, UnitedHealth cancelled its investor day event on Wednesday after UnitedHealthcare chief executive Brian Thompson was fatally shot in the chest outside the Hilton Hotel in Midtown Manhattan.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Salesforce.Com Inc. (CRM) $367.87 10.99% Boeing Co. (BA) $158.28 2.12% International Business Machines Corporation (CDI) (IBM) $233.49 1.96% Microsoft Corp. (MSFT) $437.42 1.44% Walmart Inc. (WMT) $94.45 1.01% Unitedhealth Group Inc. (UNH) $610.79 0.92% Walt Disney Co. (DIS) $116.99 0.46% Travelers Company Inc. (TRV) $261.78 0.46% Cisco Systems Inc. (CSCO) $59.62 0.24% McDonald's Corp. (MCD) $295.09 0.20%

Dow Jones - Fallers

Verizon Communications Inc. (VZ) $42.52 -2.99% Walgreens Boots Alliance, Inc. (WBA) $8.74 -2.35% Dow Chemical Co. (DOW) $42.85 -2.33% Intel Corp. (INTC) $21.96 -2.27% Chevron Corp. (CVX) $158.32 -2.22% Coca-Cola Co. (KO) $62.21 -2.06% Johnson & Johnson (JNJ) $150.47 -1.24% Visa Inc. (V) $309.90 -0.99% Nike Inc. (NKE) $78.37 -0.62% JP Morgan Chase & Co. (JPM) $243.40 -0.58%

S&P 500 - Risers

Salesforce.Com Inc. (CRM) $367.87 10.99% Edwards Lifesciences Corp. (EW) $74.20 5.70% Mattel Inc. (MAT) $19.86 5.64% Paypal Holdings Inc (PYPL) $89.33 4.92% Chipotle Mexican Grill Inc. (CMG) $63.89 4.84% Adobe Systems Inc. (ADBE) $536.49 3.92% Transdigm Group Inc. (TDG) $1,307.81 3.90% United Airlines Holdings Inc (UAL) $99.25 3.61% Cadence Design Systems Inc. (CDNS) $324.54 3.60% Incyte Corp. (INCY) $74.62 3.60%

S&P 500 - Fallers

Arista Networks Inc. (ANET) $105.43 -74.56% Foot Locker Inc. (FL) $22.02 -8.90% Albemarle Corp. (ALB) $102.61 -5.92% Microchip Technology Inc. (MCHP) $61.64 -5.73% Nektar Therapeutics (NKTR) $1.02 -4.67% Nucor Corp. (NUE) $149.31 -3.66% Lennar Corp. Class A (LEN) $167.39 -3.57% Halliburton Co. (HAL) $30.60 -3.53% PulteGroup Inc. (PHM) $129.30 -3.51% LyondellBasell Industries (LYB) $77.95 -3.50%

Nasdaq 100 - Risers

Biomarin Pharmaceutical Inc. (BMRN) $66.51 5.25% Paypal Holdings Inc (PYPL) $89.33 4.92% Workday, Inc. (WDAY) $268.79 4.56% Adobe Systems Inc. (ADBE) $536.49 3.92% Cadence Design Systems Inc. (CDNS) $324.54 3.60% Incyte Corp. (INCY) $74.62 3.60% Nvidia Corp. (NVDA) $145.14 3.48% Micron Technology Inc. (MU) $103.20 3.37% Synopsys Inc. (SNPS) $588.00 3.12% Mercadolibre Inc. (MELI) $1,987.43 3.00%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $0.39 -7.00% Microchip Technology Inc. (MCHP) $61.64 -5.73% JD.com, Inc. (JD) $35.73 -3.69% Mondelez International Inc. (MDLZ) $63.27 -2.38% Walgreens Boots Alliance, Inc. (WBA) $8.74 -2.35% Intel Corp. (INTC) $21.96 -2.27% CSX Corp. (CSX) $35.30 -1.94% Trip.com Group Limited (TCOM) $66.88 -1.69% Baidu Inc. (BIDU) $84.68 -1.51% Analog Devices Inc. (ADI) $218.30 -1.46%