November 21st, 2014 by Jenna Anderson
On Thursday, the Dow and S&P 500 finished at record highs as data suggested further strength in the U.S. economy and Intel gave an upbeat forecast.
Technology shares gave the markets their biggest lifts, along with energy. Intel shares jumped 4.7 percent to $35.95 to boost all three major indexes. Intel shares hit their highest level since January 2002, after its 2015 revenue outlook was above expectations of the Wall Street and the company raised its dividend.
Data showed factory activity in the U.S. mid-Atlantic region grew at its fastest pace in two decades. In October, U.S. home resales jumped to their highest in more than a year.
Margaret Patel, senior portfolio manager at Wells Capital Management, said growth in the economy and earnings should bode well for stocks heading into next year.
“Next year will be a reasonable to maybe a surprisingly good year,” she said. “(There is) no reason in the world why we can’t see P/Es expand.” Patel said stocks could rise by a mid single-digit to high-teens percentage next year.
The Dow Jones industrial average rose 33.27 points, or 0.19 percent, to 17,719, a record close. The S&P 500 gained 4.03 points, or 0.2 percent, to 2,052.75, its 44th record high this year. The Nasdaq Composite added 26.16 points, or 0.56 percent, to 4,701.87.
NYSE advancing issues outnumbered decliners 2,013 to 1,025, for a 1.96-to-1 ratio; on the Nasdaq, 1,824 issues rose and 893 fell for a 2.04-to-1 ratio.