Dow hits all-time high, on pace for 47th record close
The Dow Jones Industrial Average hit a fresh record high Wednesday, making a run for tis 47th record close, before pulling back early afternoon.
The S&P 500 and Nasdaq Composite were slightly lower but have advanced over 19% and 26% this year, respectively.
Among the Dow 30, Walgreens, Disney and Merck held onto gains, while Salesforce.com, Intel and Microsoft lagged, along with broader large-cap tech names.
ECONOMISTS GET MORE UPBEAT, SEE TRUMP TAX CUTS EXTENDED, AT LEAST
Financial markets will be closed on Thanksgiving Day, with trading resuming on Black Friday in an abbreviated session.
Fresh data released on Wednesday showed inflation still pacing above the 2% rate Federal Reserve policymakers are targeting. The personal consumption expenditures index, the Fed's favored inflation gauge, climbed 2.3% in October on an annual basis, in line with expectations.
The U.S. economy grew 2.8% in the third-quarter, based on the second preliminary estimate, while jobless claims hit 213,000 a seven-month low.
The trio of economic data will likely keep the Federal Reserve on its rate cutting path with 70% of market participants pricing in a 25 basis point cut at the December meeting, according to the CME's FedWatch Tool, which tracks the probability of interest rate moves.
The Dow has gained over 19% this year and is nearing another new milestone of 45,000. Since President-elect Trump won the election, the benchmark has gained nearly 7%.
Investors are focusing on a pro-business administration come January as Trump continues to assemble his cabinet.
On Tuesday, he nominated economist Kevin Hassett — who served during Trump's first term — to chair the National Economic Council. Last week, he tapped fund manager Scott Bessent as his pick for Treasury secretary.
Bessent has stated he will aim to make the Tax Cuts and Jobs Act of 2017 permanent.
Meanwhile, Cantor Fitzgerald CEO Howard Lutnick has been named to head the Commerce Department.