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6 months ago
US STOCKS-Bank, energy stocks lift Wall St indexes to record highs
February 9, 2017 / 4:37 PM / 6 months ago

US STOCKS-Bank, energy stocks lift Wall St indexes to record highs

* Weekly jobless claims fall to near 43-yr low

* Energy stocks gain as oil prices rise

* Airline stocks up after top executives meet Trump

* Indexes up: Dow 0.5 pct, S&P 0.49 pct, Nasdaq 0.45 pct (Adds details, comments, updates prices)

By Yashaswini Swamynathan

Feb 9 (Reuters) - Wall Street's three main indexes hit record highs on Thursday, amid gains across sectors, led by financial and energy stocks.

The S&P 500 financial index rose 1.06 percent and was on track to snap a three-day losing streak after President Donald Trump said he would make a tax announcement in a few weeks.

Oil prices rose 1.3 percent, extending gains to the second day, supported by an unexpected draw in U.S. gasoline inventories. The S&P 500 energy sector was up 1.05 percent.

Investors have been on the sidelines in the past few weeks, awaiting more clarity from Trump on his promises of tax cuts, simpler regulation and higher infrastructure spending.

"The one thing that you can be certain about Trump is that he is going to be unpredictable," said Chris Gaffney, President of world markets at EverBank.

"I think this is another 'Trump On' trade day where we're finally seeing some of the proposed policies being put into place."

At 11:02 a.m. ET (1602 GMT) the Dow Jones Industrial Average was up 101.2 points, or 0.5 percent, at 20,155.54, the S&P 500 was up 11.4 points, or 0.49 percent, at 2,306.07 and the Nasdaq Composite was up 25.82 points, or 0.45 percent, at 5,708.27.

Ten of the 11 major S&P sectors were higher. The utilities sector, which is considered a defensive bet, was down 0.5 percent.

Viacom was the biggest gainer on the S&P, rising 4.5 percent as its quarterly profit beat analysts' expectations.

Coca-Cola fell 2.1 percent to $41.13 after the beverage maker forecast a drop in full-year adjusted profit. The stock was the biggest drag on the Dow and the S&P.

Twitter sank 9.6 percent after the microblogging website reported its slowest revenue growth since going public in 2013.

Airline stocks, including JetBlue, Delta and United Continental rose more than 2 percent after Trump met with top management of the companies.

A report from the Labor Department showed the number of Americans filing for unemployment benefits fell to a near 43-year low of 234,000 last week, pointing to tighter labor market conditions.

Advancing issues outnumbered decliners on the NYSE by 1,959 to 829. On the Nasdaq, 1,907 issues rose and 735 fell.

The S&P 500 index showed 30 new 52-week highs and one new low, while the Nasdaq recorded 90 new highs and 15 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva)

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