Growing investor enthusiasm for equities in the wake of this week’s records pushed US markets higher again on Thursday.
The Dow Jones Industrial Average surged to an all-time peak for the third day in a row, adding 33.25 points (0.23 per cent) at 14,329.49.
The broad-based S&P 500 also moved higher, gaining 2.80 points (0.18 per cent) at 1,544.26, while the tech-rich Nasdaq Composite Index climbed 9.72 (0.30 per cent) to 3,232.09.
In addition, markets were gaining from better-than-expected economic data, such as Thursday’s report on a weekly decline in jobless claims. The report boosted confidence that Friday’s much-watched US payroll and unemployment data would be strong.
This week’s record run for the Dow has attracted new investors, said Art Hogan, chief market analyst for Lazard Capital Markets.
“We’re getting new participation,” Hogan said. The record results were “dragging people in from the sidelines.”
Facebook picked up 4.1 per cent. The social network unveiled a project to offer users a “personalised newspaper” based on individual taste.
Boeing gained 2.5 per cent after booking new orders for 27 jets, bringing its 2013 net orders through March 5 to 138.
Time Warner shares added 2.4 per cent after the group said it would spin off its iconic Time Inc magazine group.
Computer company Dell retreated 0.7 per cent after activist investor Carl Icahn became the latest large shareholder to protest founder Michael Dell’s plan to take the company private.
Truck maker Navistar surged 27.8 per cent after it reported a narrowing of its quarterly loss and said it was promoting former General Motors executive Troy Clarke to be chief executive.
Gap rose 4.1 per cent, lifted by the clothing chain’s report of higher same-store sales compared with a year ago.
Pet retailer PetSmart fell 6.6 per cent after the company’s 2013 guidance missed analyst expectations.
Bond prices fell. The yield on the 10-year Treasury rose to 1.99 per cent from 1.94 per cent late on Wednesday, while the yield on the 30-year increased to 3.20 per cent from 3.15 per cent. Bond prices and yields move inversely.
