The Dow and S&P 500 inched to new records Monday ahead of a deluge of US economic data in advance of Thursday’s Thanksgiving holiday.
The Dow Jones Industrial Average gained 7.84 points (0.04 percent) 17,817.90, its third straight record close.
The S&P 500 gained 5.91 (0.29 percent) at 2,069.41, its second straight record, while the tech-rich Nasdaq Composite Index bolted 41.92 (0.89 percent) to 4,754.89 behind a nearly two percent rise in Apple.
The US economic calendar was quiet Monday, but sentiment was lifted by data showing a rise in German business confidence. The next two days will include third-quarter US economic growth, the Conference Board’s index of consumer confidence and several other key reports on the US.
Apple shares jumped 1.9 percent after Susquehanna Financial Group raised its price target for the tech giant, citing strong demand for the iPhone 6.
Dow member United Technologies fell 1.4 percent on Louis Chenevert’s surprise resignation as chief executive. He will be replaced by chief financial officer Gregory Hayes.
Dow members Verizon (-1.4 percent) and AT&T (-1.6 percent) fell on concerns the telecom giants overspent in a federal auction for wireless spectrum licenses.
Pharmaceutical company Prosensa Holding surged 62.6 percent as it announced that it would be acquired by BioMarin Pharmaceutical for about $680 million. Prosensa is developing drisapersen, which would treat Duchenne muscular dystrophy. BioMarin gained 2.5 percent.
Bond prices were mixed. The yield on the 10-year US Treasury dipped to 2.31 percent from 2.32 percent Friday, while the 30-year held steady at 3.02 percent. Bond prices and yields move inversely.