[video] Market Hustle: All Good for Now, Stocks Gain for Third Month
NEW YORK (
TheStreet) -- U.S. markets closed higher Wednesday with the
Standard & Poor's 500 rising for a third consecutive month as fewer U.S. residents filed for unemployment benefits than projected, and a gauge of consumer sentiment showed signs of improved.
- The S&P 500 closed 0.25% higher to 1,807.23 to extend the benchmark gauge's 2013 advance to 26.7%
- The Dow Jones Industrial Average rose 0.15% to 16,097.3
- The Nasdaq jumped 0.67% to 4,044.75 after closing above 4,000 yesterday for the first time in 13 years. A surge in tech stocks was led by Hewlett-Packard (HPQ), which soared 9.1% to $26.36 after beating analyst estimates with earnings of $1.01 a share on revenue of $29.1 billion.
- Fewer U.S. residents filed jobless claims last week than expected -- a sign of improvement in the labor market. Jobless claims for the week ending Nov. 23 fell to 316,000 or the lowest in two months. Expectations were for 330,000 claims.
- Consumer sentiment in the U.S. rose more than expected in November to 75.1, according to the University of Michigan. Expectations had been for a result of 73.5 up slightly from 73.2 in October.
Durable-good orders fell in October, reflecting a hit to confidence from the government shutdown. Bookings fell 2% to match expectations after a 4.1% rise in September. Durable-goods orders are a leading indicator of industrial production and capital spending.
Germany's DAX closed 0.66% higher while the FTSE was up 0.20%. The Hang Seng closed up 0.53% while the Nikkei was down 0.42%. Oil was off 1.51% to $92.27.
--By Jane Searle in New York
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV