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* Data shows U.S. economic growth picked up slightly in Q3
* Under Armour jumps on Raymond James upgrade
* Deere falls after warning of lower earnings
* Dow off 0.05%, S&P up 0.14%, Nasdaq rises 0.40%
(Changes comment, updates market action)
By Arjun Panchadar
Nov 27 (Reuters) - Wall Street's main indexes notched fresh
record highs on Wednesday, as data pointed to a resilient
domestic economy and investors remained optimistic about a
resolution to the U.S.-China trade war.
U.S. economic growth picked up slightly in the third
quarter, rather than slowing as initially reported, while
consumer spending rose steadily in October, suggesting a
moderate pace of economic expansion in the fourth quarter. "So long as the consumer stays somewhat strong, the markets
are in decent shape," said Sahak Manuelian, managing director,
equity trading at Wedbush Securities in Los Angeles.
Consumer discretionary stocks .SPLRCD rose 0.67%.
Data also showed new orders for key U.S.-made capital goods
increased by the most in nine months in October. President Donald Trump's comments on Tuesday that the United
States was in the "final throes" of work on an agreement added
to optimism. "There are not a lot of details (on the trade deal), but it
has certainly fueled this 'hope trade' and so long as nothing
gets signed, the market will grind its way higher," Manuelian
said.
The main indexes have scaled record levels this month on
trade truce hopes, upbeat third-quarter earnings and a dovish
Federal Reserve.
At 11:24 a.m. ET, the S&P 500 .SPX was up 4.54 points, or
0.14%, at 3,145.06 and the Nasdaq Composite .IXIC was up 34.81
points, or 0.40%, at 8,682.75.
However, the Dow Jones Industrial Average .DJI was down
13.23 points, or 0.05%, at 28,108.45, weighed down by Boeing Co
BA.N .
The planemaker's shares slipped 0.83% after the Federal
Aviation Administration said it would be the only issuer of
airworthiness certificates for new 737 MAX planes, potentially
affecting the timeline of starting deliveries by
December. Boeing was also hit by a report that 777X's fuselage
ruptured during a September stress test.
Deere & Co DE.N dropped 4.7% as the farm equipment maker
warned of lower earnings in 2020. Under Armour Inc UAA.N jumped 3.9% as Raymond James
upgraded the sportswear maker to "strong buy".
Trading volumes are expected to be light ahead of the
Thanksgiving Day holiday on Thursday and an early-market close
on Black Friday.
Advancing issues outnumbered decliners by a 1.31-to-1 ratio
on the NYSE and by a 1.55-to-1 ratio on the Nasdaq.
The S&P index recorded 34 new 52-week highs and no new low,
while the Nasdaq recorded 82 new highs and 25 new lows.