Stocks hit all-time highs as tech rallies

Traders celebrate after the closing bell on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 6, 2018.

caption
Traders celebrate after the closing bell on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 6, 2018.
source
Brendan McDermid/Reuters

Strong economic data and optimism for easing global trade tensions powered the S&P 500 and Nasdaq Composite to touch record highs for a fourth straight session Wednesday. The dollar fell, and Treasury yields inched higher.

Here’s the scoreboard:

Dow Jones industrial average: 26,125.31 +61.29 (+0.24%)

S&P 500: 2,915.51 +17.99 (+0.62%)

Nasdaq Composite: 8,109.69 +79.65 (+0.99%)

  1. Canadian officials said NAFTA talks could wrap up by Friday. Canadian Foreign Minister Chrystia Freeland met with US Trade Representative Robert Lighthizer for a second session of negotiations, days after President Donald Trump threatened to terminate the 24-year-old trade pact and to hit Canada with auto tariffs.
  2. The US economy expanded slightly faster than initially thought in the second quarter, bringing the growth rate to a four-year peak. Gross domestic product grew at 4.2% last quarter, the fastest pace since 2014 and up 0.1 percentage points from the advance estimate, according to revisions by the Commerce Department.
  3. US corporate profits jumped to a six-year high last quarter. Thanks to a boost from tax cuts and a humming economy, a broad measure of corporate profits by the Commerce Department rose 16.1% in the second quarter from a year before.
  4. OPEC will meet to discuss US sanctions against Iran. The cartel is planning to discuss whether producers can make up for an anticipated sharp drop in global oil supply come November, when the US enacts sanctions on Iranian barrels, Reuters reports.

And a look at the upcoming economic calendar:

  • Consumer spending numbers are out in the US.
  • Canada reports monthly GDP.