The US stock market eked out another record close 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.
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 is 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 Mr Keifer, who is based in Orange County, California.
The Standard & Poor’s 500 index rose 5.80 points, or 0.3%, to 2,072.83. The index has now closed at an all-time high on 47 occasions this year.
The Dow Jones industrial average rose 12.81 points, or 0.1%, to 17,827.75. The Nasdaq composite climbed 29.07 points, or 0.6%, to 4,787.32.
However, energy stocks were once again the biggest loser of the 10 industry groups represented in the S&P 500 index as the price of oil dipped again.
The price of oil slid to another four-year low in light trading ahead of an OPEC meeting in Vienna today that is not expected to result in a cut to global production.
Benchmark US crude fell 40 cents to close at 73.69 dollars a barrel on the New York Mercantile Exchange.
Brent crude, a benchmark for international oils used by many US refineries, fell 58 cents to close at 77.75 dollars a barrel on the ICE Futures exchange in London.
Energy stocks slumped 1.1%, taking their loss for the year to 5.6%. The sector is the only group in the S&P 500 to be down for the year.