Dow, S&P 500 set record highs

By MarketsFOXBusiness

Dow, S&P 500 close at record highs

Jeff Klein, chief market strategist, Charles Schwab, questions the markets' durability despite the Dow and S&P 500 closing at record highs.

The Dow and S&P 500 recorded fresh all-time highs Thursday with investors waving off the tit-for-tat exchange of newly imposed trade tariffs placed on U.S. and Chinese goods and focusing on the latest, positive economic data.

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The Dow Jones Industrial Average rallied 251.22 points, or 0.95 percent, to 26,656.98 -- marking the Dow's 100th record close since the election of President Donald Trump and its first since January. The broader S&P 500 jumped 22.8 points, about 0.8 percent, to 2,930.75. The tech-heavy Nasdaq Composite gained 78.19 points, or 0.98 percent, to 8,028.23.

TickerSecurityLastChange%Chg
I:DJIDOW JONES AVERAGES24597.38+70.11+0.29%
SP500n.a.n.a.n.a.n.a.
I:COMPNASDAQ COMPOSITE INDEX7070.6197-27.69-0.39%

Economic data released Thursday included a reading on weekly jobless claims. The number of Americans filing for first-time jobless claims fell to 201,000 in the prior week, well below the 210,000 estimate and the lowest late 1969.

Manufacturing in Philadelphia rebounded in September, jumping to 22.9. Existing home sales were flat in August.

The latest round of escalated tariffs has brought a reaction from Alibaba Chairman Jack Ma. Ma is backing down on his promise to create 1 million jobs in the U.S. over the next five years, amid the ongoing trade war between President Trump and China.

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The billionaire previously told Trump before his inauguration in January 2017 that he would commit to creating new jobs but recanted those sentiments in a Chinese news outlet on the heels of a new round of tariffs this week from both countries. On the U.S.-Canada front, Canadian Foreign Minister Chrystia Freeland met U.S. Trade Representative Robert Lighthizer in Washington on Wednesday with the two sides still disagreeing on major issues.

Two meetings were held. Leaving their afternoon meeting, Freeland told reporters the talks had been constructive and said she would meet Lighthizer again on Thursday, according to Reuters.

In corporate news, Wells Fargo shares ended less than 1 percent higher after the bank announced a 5 percent to 10 percent reduction in its workforce.

U.S. oil futures ticked 32 cents lower to $70.80 a barrel.

FOX Business' Ken Martin contributed to this article.

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