* Weekly unemployment claims of 885,000 against 862,000 the previous week
* The discretionary sectors of S&P 500 technology consumers reached record intraday highs
* The alphabet falls after states file an antitrust complaint
* (Updates with closing of the negotiation)
December 17 (Reuters) – Wall Street’s top three indexes closed the record high on Thursday as investors became more optimistic about the coronavirus stimulus bill, helping markets look at the signs past economic tensions caused by the COVID-19 pandemic.
S&P 500 technology and consumer discretionary indices hit record highs intraday.
An increase in technology outsourcing firm Accenture gave the S&P 500 a big boost.
Top Republicans and Democrats came close to agreeing on a new round of aid in response to a crisis that killed nearly 309,000 Americans and left millions out of work.
Many investors saw imminent approval of new measures to support the economy after data showed that the number of Americans filing claims for the first time for unemployment benefits increased unexpectedly last week.
This was followed by a reading on Wednesday which showed that US retail sales fell more than expected in November as consumer spending remained limited.
“Today is about stimuli and expectations of a path to agreement,” said Ryan Giannotto, research director at GraniteShares in New York City.
Developments on the vaccine front were also raising the market, with Moderna Inc. awaiting US approval to deploy what would be the country’s second COVID-19 vaccine.
The S&P 500, Dow Jones Industrial Average, Nasdaq and Russell 2000 index of smaller firms closed at their highest levels in history.
The S&P 500 has risen by about 15% in 2020, despite the economic destruction caused by the coronavirus.
Unofficially, the Dow Jones Industrial Average rose 0.49% to 30,301.79 points, while the S&P 500 gained 0.57% to 3,722.43.
The Nasdaq Composite rose 0.84% to 12,764.
“In the very short term, I think we’re a little bit bought here,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab.
He noted that the best-performing sectors such as technology were at risk of falling, while some of the “most undervalued sectors”, such as finance and energy, were receiving new attention as investors sought business.
Alphabet, Google’s father and mother, fell after a group of 38 U.S. states and territories filed an antitrust lawsuit accusing Google of trying to expand its search monopoly to dominate speakers, TVs and smart cars.
Accenture jumped after rising annual sales forecasts and exceeding quarterly revenue estimates as an extended period of work from home boosted its digital, cloud and security services.
General Mills Inc. rose after surpassing second-quarter profit forecasts, driven by sales of pet food and bakery products.
Additional reports from Amber Warrick and Shreyashi Sanyal in Bengaluru; Edited by Aurora Ellis