Wall Street consolidated its gains on Wednesday, with tech stocks hitting a new record but the broader market retreating, as soft U.S. data gave traders incentive to book profits on a record ruin.
Ahead of the U.S. Thanksgiving holiday, optimism over the imminent deployment of a COVID-19 vaccine propelled the Dow Jones Industrial Average above 30,000 for the first time ever on Tuesday, extending a breathtaking rally that’s carried stocks deep into a bull market.
However, caution set in Wednesday, as investors digested weekly jobless claims that revealed a labor market that’s still struggling under the weight of the pandemic, as well as weak personal spending data. Another 778,000 workers filed for benefits, underscoring how an implacable wave of COVID-19 infections are putting a damper on business and consumer activity.
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