S&P 500, Dow, Nasdaq close at record highs

Associated Press

NEW YORK

Investors extended a rally through a holiday-shortened day and pushed the S&P 500 index to its third straight record-high close Wednesday. Other major indexes also closed at record highs.

The rally follows a slight easing of trade tensions between the U.S. and China. Both nations have agreed to refrain from new tariffs while they open a new round of negotiations. The development relieved some pressure on the market, though the trade war still looms over global economic growth.

The S&P 500 rose 22.81 points, or 0.8 percent, to close at 2,995.82. The third record high close in as many days also pushed the index closer to breaching the 3,000 mark.

The Dow Jones Industrial Average also reached a record, gaining 179.32 points, or 0.7 percent, to close at 26,966.

Technology stocks led the gains, helping the tech-heavy Nasdaq composite join the record-breaking club. The Nasdaq rose 61.14 points, or 0.8 percent, to 8,170.23.

“Clearly the trade truce with China has been a catalyst for the market even though there remain uncertainties,” said Quincy Krosby, chief market strategist at Prudential Financial.

Technology companies, which tend to do a lot of business with China, have been particularly sensitive to the trade war between the U.S. and China. The sector has been broadly higher this week.

Cybersecurity software company Symantec surged 13.6 percent and did much of the heavy lifting Wednesday as media reports suggest it is considering a sale to chipmaker Broadcom. Microsoft and Apple also made gains.

Communications and internet companies were also among the biggest gainers, with strong pushes from Facebook and Netflix.