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Stocks ended higher Wednesday. The Dow added 60 points to 26124. The S&P 500 gained 16 points to 2914 while the Nasdaq Composite climbed 79 points to 8109.
The S&P 500 and Nasdaq both closed at record levels for the fourth consecutive trading session as a Tech inspired rally provided a tailwind to the market. In geopolitical news, the U.S. and Canada have resumed negotiations to revise the North American Free Trade Agreement (NAFTA). On the data front, U.S. second-quarter GDP was revised upwards to a 4.2% annualized growth rate, the best reading since 2014. Separate updates on the housing market revealed pending home sales slipped for the seventh straight month in July while mortgage applications dipped 1.7% in the most recent week.
Eight of 11 S&P 500 sectors finished the session in positive territory. The Consumer Discretionary sector paced gains with Amazon climbing 3.4% to $1,998.10 after the e-commerce giant was the subject of a positive analyst report. Technology shares also outperformed as Google parent company Alphabet gained 1.5% to $1,264.65 and Microsoft advanced to an all-time high, adding 1.6% to $112.02.
Breadth was positive on issues by 7:4 on the NYSE and by 3:2 on the Nasdaq. Composite NYSE volume was more than 3.7 billion shares.
Treasuries were little changed with the yield on the benchmark 10-year note unchanged at 2.88%. In commodities, WTI crude surged 1.7% to $69.71/barrel, to a one-month high. COMEX gold was down 0.2% to $1,204.50/ounce despite a lower dollar.