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US: Dow, S&P 500 at new records; Apple lifts Nasdaq

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The Dow and S&P 500 inched to new records on Monday ahead of a deluge of US economic data in advance of Thursday's Thanksgiving holiday.

[NEW YORK] The Dow and S&P 500 inched to new records on Monday ahead of a deluge of US economic data in advance of Thursday's Thanksgiving holiday.

The Dow Jones Industrial Average gained 7.84 points (0.04 per cent) 17,817.90, its third straight record close.

The S&P 500 gained 5.91 (0.29 per cent) at 2,069.41, its second straight record, while the tech-rich Nasdaq Composite Index bolted 41.92 (0.89 per cent) to 4,754.89 behind a nearly two per cent rise in Apple.

The US economic calendar was quiet on Monday, but sentiment was lifted by data showing a rise in German business confidence. The next two days will include third-quarter US economic growth, the Conference Board's index of consumer confidence and several other key reports on the US.

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Apple shares jumped 1.9 per cent after Susquehanna Financial Group raised its price target for the tech giant, citing strong demand for the iPhone 6.

Dow member United Technologies fell 1.4 per cent on Louis Chenevert's surprise resignation as chief executive. He will be replaced by chief financial officer Gregory Hayes.

Dow members Verizon (-1.4 per cent) and AT&T (-1.6 per cent) fell on concerns the telecom giants overspent in a federal auction for wireless spectrum licenses.

Pharmaceutical company Prosensa Holding surged 62.6 per cent as it announced that it would be acquired by BioMarin Pharmaceutical for about US$680 million. Prosensa is developing drisapersen, which would treat Duchenne muscular dystrophy. BioMarin gained 2.5 per cent.

Bond prices were mixed. The yield on the 10-year US Treasury dipped to 2.31 per cent from 2.32 per cent Friday, while the 30-year held steady at 3.02 per cent. Bond prices and yields move inversely.

AFP

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