Major U.S. stock indexes ended mostly higher Wednesday, with the Dow Jones industrial average adding modestly to its gains a day after closing above 18,000 for the first time.
It was the Dow’s sixth straight gain, coming during a half-day trading session ahead of the Christmas holiday.
Investors welcomed Labor Department data showing that applications for employment benefits fell last week to the lowest level in seven weeks. The news came a day after the Commerce Department estimated that the economy grew in the July-September quarter at the fastest pace in 11 years.
The unemployment data show steady improvement in the labor market, which is positive news for the economy.
“We’re still giddy after yesterday’s GDP (report),” said Chris Gaffney, a senior market strategist at EverBank Wealth Management. “That’s what’s mainly driving this market.”
The Dow gained 6.04 points Wednesday to close at 18,030.21. That’s up 0.03 percent from a day earlier. The Standard & Poor’s 500 index slipped 0.29 points, or 0.01 percent, to 2,081.88. That’s slightly below the S&P’s most recent all-time high recorded on Tuesday. The Nasdaq composite added 8.05 points, or 0.2 percent, to 4,773.47.
U.S. government bond prices rose. The yield on the 10-year Treasury note dipped to 2.26 percent.
The Dow and S&P 500 have recovered the last of the ground they lost in an early-December slump.
The stock market got off to a positive start early Wednesday after the labor market report and held onto to its gains throughout much of the abbreviated trading session.
Investors have been encouraged by corporate earnings growth and signs of a strengthening U.S. economy. Consumer spending and personal income have been rising. The economy also has been creating more jobs. In the first 11 months of this year, employers have added 2.65 million jobs. That already makes 2014 the best year for hiring since 1999.
