U.S. Stocks Strengthen Prior to Economic Growth, Jobs Reports

NEW YORK (TheStreet) -- U.S. stocks closed higher Wednesday amid excitement over Twitter's pending debut and expectations that economic growth data and a crucial jobs reports due later this week will bolster Federal Reserve plans to sustain current levels of stimulus.

The S&P 500 rose 0.43% to close 1,770.49 while the Dow Jones Industrial Average reached a new record high after rising 0.82% to finish the trading day at 15,746.88. The Nasdaq, meanwhile, slipped 0.2% to 3,931.95.          

"What we've been seeing is very, very little intra-day movement; so where the market's opening, it's kind of closing," Uri Landesman, president of Platinum Partners, said in a phone interview. "I think that the ECB policy statement and October jobs report are the big pieces of news of the week but they have to be pretty bad to shake this market."

Twitter, the hugely-popular social media platform is expected to price Wednesday afternoon prior to shares being traded Thursday on the New York Stock Exchange. Twitter's initial public offering is the most anticipated tech stock event since Facebook (FB) went public in May. Twitter raised the pricing on its IPO to between $23 to $25 a share on Monday amid speculation that pricing could move even higher.

U.S. stocks were bolstered earlier in the day as sluggish economic data out of Europe increased bets that the European Central Bank will provide further easing measures. The Stoxx Europe 600 Index added 0.53% to reach its highest level since May 2008 as companies including Vestas Wind Systems and ING Groep ING boosted full-year profit forecasts and beat on earnings. 

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