* Dow, S&P, Nasdaq closed at record highs on Thursday
* Restoration Hardware drops after cutting profit forecast
* Broadcom up on strong results, forecast and dividend
* Futures up: Dow 24 pts, S&P 1 pt, Nasdaq 9.25 pts
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
Dec 9 Major U.S. stock indexes took aim at
record highs for the third straight day on Friday as a
post-election rally showed no signs of abating.
The "Trump rally" has been running since the Nov. 8 vote as
investors bet President-elect Donald Trump's policies will boost
economic growth and inflation.
The three main U.S. indexes closed at record levels for the
second day in a row on Thursday, while the small cap Russell
2000 and the Dow Transport hit all-time highs.
Adding to the upbeat mood in the past weeks has been a spate
of robust economic data, including on monthly hiring numbers,
GDP growth and inflation, which have underscored the economy's
With the rally about to enter its second month, valuations
may come under scrutiny.
The S&P 500 is currently trading at about 17.5 times forward
twelve-month earnings, above the 10-year median of nearly 15
times, according to Thomson Reuters StarMine.
"We are leaning in the direction of going up, and at some
point it will get too much, but apparently the market is telling
us that today is not too much," said Kim Forrest, senior equity
research analyst, Fort Pitt Capital Group in Pittsburgh.
Oil prices rose 0.7 percent, up for the second day in a row,
on optimism that a non-OPEC producers meeting would result in an
agreement to bolster the group's output cut deal.
Data on tap for Friday is a preliminary reading of the
consumer sentiment index for December, which is expected to hit
94.5 after rising to a 6-month high the previous month. The
report is due at 10:00 a.m. ET (1500 GMT).
The resilience of the stock market will be put to test after
the Federal Reserve's policy meeting next week, where traders
expect a 94 percent chance of an interest rate increase.
Dow e-minis were up 23 points, or 0.12 percent at
8:15 a.m. ET, with 9,371 contracts changing hands.
S&P 500 e-minis were up 1 point, or 0.04 percent,
with 88,063 contracts traded.
Nasdaq 100 e-minis were up 9.25 points, or 0.19
percent, on volume of 10,878 contracts.
Among stocks, Restoration Hardware plunged 17.80
percent to $32.05 premarket after the furniture retailer lowered
its fourth-quarter profit forecast, citing slow sales in the
Wynn Resorts rose 7.5 percent to $95 after Macau,
the world's biggest gambling hub, clarified it had not tightened
daily cash withdrawal limits for Chinese gamblers.
Broadcom rose 5.7 percent to $180.50 after the
chipmaker reported upbeat fourth-quarter results and forecast,
and doubled its dividend.
Biogen rose 4.3 percent to $302.10 following a
study that showed higher doses of its Alzheimer's drug appeared
to reduce the risk of brain swelling.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Savio D'Souza and Saumyadeb Chakrabarty)