Dow hits all-time high, on pace for 47th record close

U.S. stocks continued marching higher on Wednesday with the Dow Jones Industrial Average hitting a fresh record high, on pace for its 47th record of the year. 

The S&P 500 and Nasdaq Composite were slightly lower but have advanced over 19% and 26%, respectively. 

Among the Dow 30, Travelers, United Health and Walgreens paced the gains, while Salesforce.com, Intel and Microsoft lagged. 

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 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 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 2025 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.