Investors have been encouraged by surprisingly good corporate earnings, three interest rate cuts by the Federal Reserve and data showing that the U.S. economy is still growing solidly. Hopes that the United States and China can make progress in their latest push for a trade deal have also helped keep investors in a buying mood.
A report showing U.S. retail sales rebounded a modest 0.3% in October after falling the previous month also encouraged traders. J.C. Penney surged after it raised its profit forecast. Communication services firms also helped lift the market. Google parent Alphabet rose 1.9%, hitting an all-time high.
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