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Dow, S&P 500 hit records on new data

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US stocks have risen to new records following a stream of mixed economic data on the eve of the Thanksgiving holiday.

The Dow Jones Industrial Average tacked on 24.53 (0.15 per cent) at 16,097.33 on Wednesday.

The broad-based S&P 500 rose 4.48 (0.25 per cent) to 1,807.23, also reaching a new record.

The tech-rich Nasdaq Composite Index added 27.00 (0.67 per cent) at 4,044.75.

The gains came after a stream of economic data ahead of Thanksgiving, for which US markets will be closed on Thursday.

While data on durable goods disappointed, analysts pointed to solid reports on jobless claims and consumer confidence.

Analysts said the data was strong enough to keep the bull market going on a day when volumes were low.

“By and large the economic numbers were okay and point to an economy picking up a bit,” said Peter Cardillo, chief market economist at Rockwell Global Capital.

Some technology stocks continued to enjoy upward momentum one day after Nasdaq closed above 4,000 for the first time in 13 years.

Apple rose 2.4 per cent, Amazon jumped 1.4 per cent and Netflix tacked on 2.1 per cent.

Auto stocks also jumped, with General Motors rising 3.1 per cent and Ford advancing 1.0 per cent.

Petroleum refiners Valero (+3.7 per cent), Marathon Petroleum Corp (+3.4 per cent) and Phillips 66 (+2.0 per cent) also did well.

Computer company Hewlett-Packard jumped 9.1 per cent after earnings bested expectations by a penny at $US1.01 per share, with revenues also higher than forecasts.

Chief Executive Meg Whitman said the company’s turnaround “remains on track heading into fiscal 2014”.

Drug retail chain CVS Caremark added 1.0 per cent after announcing that it would buy Coram from Apria Healthcare Group for $US2.1 billion ($A2.31 billion).

Coram is a provider of home infusion services, which involves treatment through a needle or catheter.

Engineering company Foster Wheeler vaulted 6.1 per cent higher following a report that British firm Amec is considering an $US8 billion ($A8.78 billion) takeover of the company.

Bond prices declined. The yield on the 10-year US Treasury rose to 2.74 per cent from 2.70 per cent on Tuesday, while the 30-year increased to 3.81 per cent from 3.80 per cent. Bond prices and yields move inversely.