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Home>S&P 500 Aims for Longest Streak of Record Highs in 20 Years

S&P 500 Aims for Longest Streak of Record Highs in 20 Years

S&P 500 Aims for Longest Streak of Record Highs in 20 Years

10/05/2017

 By Riva Gold -- S&P 500 eyes fresh records -- Spanish assets recover -- Stocks little changed in Europe and Asia 

Stock moves were muted Thursday with the S&P 500 angling at its longest streak of record closes in 20 years.

The index added 0.2% shortly after the opening bell, a day after gains in internet retailers pushed the S&P 500 to its seventh straight session of advances. The Dow Jones Industrial Average climbed 12 points, or less than 0.1%, to 22674, and the Nasdaq Composite gained 0.4%.

Shares of Constellation Brands gained 3.4% after the Corona brewer's results showed strong beer sales.

U.S. stocks have been enjoyed small bumps higher in recent sessions amid continued signs that the economy remains on track and expectations of another quarter of above-average earnings growth.

Data Thursday showed the number of Americans filing applications for new unemployment benefits fell in late September, though recent hurricanes continued to disrupt economic activity in several regions. The Labor Department last week also warned the storms will likely affect Friday's monthly employment report.

"Investors understand data will be flipping over the next month due to the impact of hurricanes," said Dave Donabedian, chief investment officer at CIBC Atlantic Trust Private Wealth Management. "But I still think there will be rising confidence in the idea that this economic expansion is not over."

In Europe, the Stoxx Europe 600 edged down 0.1% after snapping a nine-session winning streak on Wednesday, its longest in more than two years.

Spanish stocks showed signs of recovering, however, with Spain's IBEX 35 index adding 1.8% -- led by gains in utility companies -- after sliding 2.9% Wednesday, its biggest percentage decline in more than a year.

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