New Records For Wall Street As Relief Hopes Rise

Wall Street's three main indexes closed at record highs on Thursday as investors grew more optimistic about a coronavirus stimulus bill, helping markets look past signs of economic strain brought on by the Covid-19 pandemic.

A surge in technology outsourcing firm Accenture gave the S&P 500 a major lift.

Top Republicans and Democrats grew closer to agreeing on a fresh round of aid in response to a crisis that has killed nearly 309,000 Americans and thrown millions out of work.

Many investors saw the passing of new measures to support the economy as imminent after data showed the number of Americans filing first-time claims for jobless benefits unexpectedly rose last week.

That followed a reading on Wednesday that showed US retail sales falling more than expected in November, as consumer spending remained constrained.

"It's all about stimulus today and expectations of a pathway to the deal," said Ryan Giannotto, director of research at GraniteShares in New York City.

Developments on the vaccine front were also lifting the market, with Moderna awaiting US approval for deploying what would be the nation's second Covid-19 vaccine. Moderna stock gained 5 percent.

The S&P 500, Dow Jones Industrial Average, Nasdaq and Russell 2000 index of smaller companies all closed at their highest levels ever.

The S&P 500 has climbed about 15 percent in 2020, despite the economic destruction caused by the coronavirus.

The Dow Jones Industrial Average rose 0.49 percent, to 30,303 and the S&P 500 gained 0.58 percent, to 3,722.

The Nasdaq Composite, which closed at a record high for a third-straight day, added 0.84 percent, to 12,765. The Russell 2000 rose nearly 1.3 percent to 1,978.

Google-parent Alphabet dipped nearly 1 percent after a group of 38 US states and territories filed an antitrust complaint accusing Google of trying to extend its search monopoly to dominate smart speakers, televisions and cars.

Accenture jumped 6.9 percent after it raised its annual sales forecast and beat quarterly revenue estimates as an extended work-from-home period boosted its digital, cloud and security services. (Reuters)