Stocks finished modestly higher Thursday following a downward revision to second-quarter economic growth and a drop in weekly jobless claims. The Dow Jones industrial average briefly touched above its record closing high, only to pare gains. Investors were squaring up their portfolios for the end of the third quarter, while the outlook for economic growth and inflation remains unclear, says Standard & Poor's Equity Research.
The Dow rose 29.21 points, or 0.25%, to 11,718.45, its second-best close ever, after temporarily crossing its all-time closing high of 11,722.98, reached Jan. 14, 2000. The broader Standard & Poor's 500 index added 2.56 points, or 0.19%, to 1,339.15. The tech-heavy Nasdaq composite gained 6.63 points, or 0.29%, to 2,270.02.