The Nasdaq also notched a record close on Tuesday.
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Energy stocks led the market gains as prices for crude oil jumped on economic optimism. “That should at least support the commodity price”. The benchmark S&P 500 index rose 10.30 points, or 0.5%, to 2,185.79.
Shares of Macy’s and Kohl’s shot up by 17.1 percent and 16.2 percent, respectively after both companies reported better than expected second quarter results.
At the market open, the Dow Jones industrial average rose about 75 points, or 0.4%.
USA stocks advanced on Thursday, more than offsetting the previous day’s drop as the Dow Jones Industrial Average (NYSEARCA:DIA) reached all-time highs.
The Nasdaq Composite added 0.46 per cent to 5,228.40. The dollar index rose 0.3% to 95.91 after suffering a large setback on Wednesday.
The latest market milestones reflect investors’ improved confidence in the economy of late.
A rally since late June has pushed the S&P 500 up more than 6 per cent in 2016 as low interest rates encourage investors to buy U.S. equities, although high valuations are of concern to many.
In economic data, USA jobless claims declined slightly last week, showing a sustained recovery in the labour market after last month’s solid payrolls growth.
“We’re continuing to grind higher”, said Stephen Carl, principal and head equity trader at Williams Capital Group in NY. The agency lowered its forecast for demand growth next year to 1.2 million barrels a day from 1.3 million barrels a day previously. It’s also a marked reversal from the start of the year when markets tumbled amid.
In slow trade, about 5.98 billion shares changed hands on USA exchanges, compared with the 6.43 billion daily average over the last 20 sessions.
Oil rallied 4.3% to $43.49 a barrel on comments from the Saudi oil ministers that the current oversupply of crude oil will be worked off by the end of this year. Oil and gas companies got a boost from rising oil prices.
Treasuries settled near session lows as yields rose throughout the complex.
Kohl’s shares rose 14 percent after its quarterly profit beat estimates. The chain is scheduled to release earnings early Friday. A strong jobs report last Friday boosted investors’ confidence in the US economy. The company said that mobile revenue increased by a staggering 119% over the quarter, while its mobile user base surged by almost 40%.
SHAKEN: Hamburger chain Shake Shack slumped 7.1 percent after it said sales at older locations slowed down in the latest quarter. The stock shed $2.36 to $38.51.
Thursday marked the first time since December 1999 that all three major indices hit a record on the same day, Bloomberg News reported. It edged up 0.1% from its previous high.
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Healthcare added 0.6%, information technology stocks closed up 0.4% and telecommunications services rallied 0.3%. COMEX gold futures were down 0.65 percent to $1,343.10. Shares of Kohl’s were up more than 15 per cent in early afternoon trading. Kimco Realty slid 72 cents, or 2.3 percent, to $30.35.
