(Reuters) - Wall Street’s main indexes closed at record levels for a third straight day in a muted volume session on Wednesday ahead of the Thanksgiving holiday, as fresh data pointed to an economy on solid footing, while investors remained cautiously optimistic about a resolution to U.S.-China trade tensions.
U.S. economic growth picked up slightly in the third quarter, rather than slowing as first reported, and a steady increase in consumer spending in October indicated the economy will probably maintain its moderate pace of growth in the fourth quarter.
“From a macro perspective it really sits with the narrative of this growing but continue to slow environment,” said Bill Northey senior investment director at U.S. Bank Wealth Management in Minneapolis.
“It averted some of the greater concerns that this might be something more than just a slowdown to trend that we’ve been facing over the past quarter.”
The Dow Jones Industrial Average .DJI rose 42.32 points, or 0.15%, to 28,164, the S&P 500 .SPX gained 13.13 points, or 0.42%, to 3,153.65 and the Nasdaq Composite .IXIC added 57.24 points, or 0.66%, to 8,705.18.
Consumer discretionary stocks .SPLRCD rose 0.83 to lead all sectors.
Data also showed new orders for key U.S.-made capital goods increased by the most in nine months in October.
President Donald Trump’s comments on Tuesday that the United States was in the “final throes” of work on an agreement with China added to optimism.
The main indexes have repeatedly scaled to record levels this month on trade truce hopes, a third-quarter earnings season that topped lowered expectations and a
