US stocks trade mixed following two-day highs

Source :IANS
Author :
Last Updated: Thu, Nov 28th, 2019, 18:10:06hrs

New York: The US stocks traded mixed on Wednesday, following Tuesday's fresh closing highs, as investors digested the moderately higher US growth rate in the third quarter (Q3).

At midday, the Dow Jones Industrial Average dipped 6.19 points, or 0.02 per cent, to 28,115.49. The S&P 500 was up 8.20 points, or 0.26 per cent, to 3,148.72. The Nasdaq Composite Index increased 46.32 points, or 0.54 per cent, to 8,694.25, the Xinhua news agency reported.

Eight of the 11 primary S&P 500 sectors traded on an upbeat note, with consumer discretionary rising over 0.8 per cent around midday, outperforming the rest.

Shares of Dell Technologies fell over 4.6 per cent, after the company posted worse-than-expected revenues for the third quarter.

The computer giant also cut its full year revenue guidance.

On the data front, the US gross domestic product (GDP) grew at an annual rate of 2.1 per cent in Q3, higher than the previous estimate of 1.9 per cent, the Commerce Department said on Wednesday.

The US stocks hit new highs at market close on Tuesday, following Monday's record closing highs, as investors digested Federal Reserve Chairman Jerome Powell's latest speech and a slew of newly released data.

The Dow Jones Industrial Average increased 55.21 points, or 0.20 per cent, to 28,121.68. The S&P 500 was up 6.88 points, or 0.22 per cent, to 3,140.52. The Nasdaq Composite Index rose 15.44 points, or 0.18 per cent, to 8,647.93.