US stock market inches to record ahead of holiday
Source: AP-Excite
By STEVE ROTHWELL
NEW YORK (AP) — The U.S. stock market eked out another record close on Wednesday ahead of the Thanksgiving holiday as investors assessed the latest reports on the economy and some corporate earnings.
Orders for long-lasting manufactured goods rose in October, but a key category that tracks business investment plans declined sharply for a second straight month. Another report showed U.S. consumers spent modestly more in October, a slight improvement after no gain at all in the previous month.
The reports paint a picture of a "good, but not great" economy, said Scott Keifer, global investment specialist at JPMorgan Private Bank. Slow growth is keeping inflation low and that's holding down interest rates. The result is an environment in which stocks can prosper.
"There seems to be a feeling that the markets are going to continue to drift higher as we get to the end of the year," said Keifer, who is based in Orange County, Calif.
FULL story at link.
Trader Greg Mulligan, right, works on the floor of the New York Stock Exchange, Wednesday, Nov. 26, 2014. Stock indexes are holding near record levels as traders digest some mixed news on the U.S. economy. (AP Photo/Richard Drew)
Read more: http://apnews.excite.com/article/20141126/financial_markets-43ba5399f1.html
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