The Dow and the S&P 500 eked out record high closes ahead of Thanksgiving, helped by gains in industrial stocks. Losses in technology shares weighed on the Nasdaq. Bobbi Rebell reports.
A record close for the Dow S&P 500 following the release of minutes from the latest Federal Reserve meeting, which showed policymakers appeared confident on the eve of the U.S. election that the economy was strengthening enough to warrant interest rate increases soon. But a drop in technology stocks kept the Nasdaq in the red. The industrial sector has been rallying since the U.S. election on bets that President-elect Donald Trump's policies, including higher spending on infrastructure would benefit the industry. Premier Wealth First Allied's Mark Martiak: SOUNDBITE: MARK MARTIAK, SENIOR WEALTH STRATEGIST, PREMIER WEALTH FIRST ALLIED, (ENGLISH) SAYING: "Now is a really good time to re-allocate into various sectors that will benefit from the new Trump President, and what they are about to do with infrastructure spending. " Eli Lilly shares fell after the drugmaker said its experimental Alzheimer's treatment failed to slow the loss of mental functioning in patients with mild symptoms. Deere stock jumped to a record high after the farm equipment maker reported a much smaller-than-expected decline in profit. European equities held relatively steady on Wednesday but closed in the red.