U.S. Stocks Climb to Record as Consumer Shares Lead Advance

U.S. stocks rose advanced for a sixth straight day ahead of a key meeting of oil producing countries.

The S&P 500 added 0.3 percent to 2,411 at 9:50 a.m. in New York. The benchmark advanced on Wednesday as minutes from the Federal Reserve’s last meeting showed officials unruffled by recent signs of economic weakness, boosting speculation of a June rate increase. The Dow Jones Industrial Average rose 65 points, or 0.3 percent, to 21,077 on Thursday.

  • Consumer discretionary shares lead in early trading, up 0.6% on gains in Best Buy and PVH
  • Materials and energy shares up at least 0.4%
    • In focus on Thursday will be a meeting in Vienna at which OPEC and its allies are expected to extend production cuts for an additional nine months, after last year’s agreement failed to clear a global supply glut or deliver a sustainable price recovery
  • Utility stocks edge lower
  • Volume in S&P 500 23% below 30-day average
  • VIX little changed at 10.1
  • POLITICS:
    • With the S&P 500 now fully recovered from last week’s selloff, investors are keeping a close eye on Trump’s first foreign trip as president: next stop is a meeting with EU officials in Brussels, followed by the NATO summit
  • ECONOMY:
    • Weekly jobless claims rose 1k to 234k; est. 238k, forecast range 228k-245k from 43 economists surveyed
    • Consumer spending may be set to emerge from a weak first quarter as Americans last week became more upbeat about the buying climate than at any time in the last 15 years and optimism about personal finances reached a decade high, Bloomberg Consumer Comfort Index figures showed Thursday
  • EARNINGS:
    • After-market Thursday: Ulta Beauty (ULTA), DXC Technology (DX), Costco Wholesale (COST)
    • Pre-market Friday: none

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