NEW YORK: Investors nudged the stock market to all-time highs Wednesday despite a handful of disappointing economic reports.
Google’s stock topped $900 for the first time after the company announced several upgrades to its Android software for smartphones, and Macy’s rose after beatings Wall Street’s profit estimates. Apple fell, holding back the Nasdaq composite index.
Terry Sandven, chief equity strategist at U.S. Bank’s wealth management group, said most investors have come to expect choppy economic growth, so they take mildly disappointing reports in stride. With companies reporting rising earnings and few appealing alternatives, he sees no reason to sell stocks.
The Dow Jones industrial average rose 60.44 points to close at 15,275.69, an increase of 0.4 percent.
The Standard & Poor’s 500 index gained 8.44 points to 1,658.78, up 0.4 percent. Both closed at all-time highs.
Google gained 3 percent as the online search company unveiled a music streaming service and upgraded features for Google Maps. Google rose $28.79 to $915.89, a gain of 3 percent. It’s up 50 percent over the past year.
The Nasdaq composite rose 9.01 points to 3,471.62, a gain of 0.2 percent.