Closing Update: Bullish U.S. Economic Outlook Fuels New Stock Record Highs

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Stock averages reached new record highs Monday as the combination of stronger consumer spending data and an endorsement of the U.S. economic recovery from the head of the International Monetary Fund speaking on a Sunday talk show lured investors into the equity market for the fourth straight session. Despite the advance, significant upward momentum lacked ahead of Tuesday's abbreviated session and holiday closure Wednesday.

The technology sector got a boost when Apple ( AAPL ) finally signed a deal with China Mobile ( CHL ) to sell iPhones on the CHL network, while Blackberry ( BBRY ) was also on the plus side after announcing a 5-year manufacturing deal with Foxconn. And even though the Commerce Department reported a 0.5% gain in November consumer spending, consumer discretionary and consumer staple stocks underperformed the rest of the market, while utilities were undermined by yield-hungry investors who shifted out of utility stocks to the more attractive Treasury market.

Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Index was up 73 (+0.5%) to 16,294

S&P 500 was up 9 (+0.5%) to 1,827

Nasdaq Composite Index was up 44 (+1.1%) to 4,148

GLOBAL SENTIMENT

FTSE 100 was up 1.09%

Nikkei 225 was up 0.07%

Hang Seng Index was up 0.48%

Shanghai China Composite Index was up 0.24%

UPSIDE MOVERS

UTHR U.S regulators approved its Orentram medication to treat pulmonary arterial hypertension.

DRCO Agreed to be bought by government-services contractor Engility Holdings Inc. ( EGL ) for $11.50 a share in cash.

WYY The company's iSYS LLC subsidiary has been selected by the Department of Homeland Security as the single awardee for its blanket purchase agreement for cellular wireless managed services.

DOWNSIDE MOVERS

STNR 2014 earnings could be reduced by up to $0.24 per share after Celebrity Cruises said it won't renew Steiner Leisure's contract to serve Celebrity's vessels after it expires at the end of this year.

TSRO Reported top-line results for two Phase 3 trials of rolapitant, an investigational neurokinin-1 receptor antagonist in development for the prevention of chemotherapy-induced nausea and vomiting

TSEM Reversing some of Friday's 45% gain on news its Tower Jazz unit agreed to form a joint venture in Japan with Panasonic ( PCRFY ).



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: AAPL , BBRY , CHL , EGL , PCRFY

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