Stocks on Wall Street gained ground Wednesday in a quiet session. Strong economic data drove investors to shop for consumer cyclical stocks ahead of Black Friday. The S&P tacked on four-tenths percent as the three main indexes closed at record highs for a third straight day.
ClearBridge Investments investment strategist Jeffrey Schulze:
SOUNDBITE: CLEARBRIDGE INVESTMENTS INVESTMENT STRATEGIST JEFFREY SCHULZE (ENGLISH) SAYING:
"If you have a continuation of this positive data, I think the market will continue to melt (up) in the back end of the year. But as we get closer to the first quarter, I do think that volatility will come back, and we're going to have a slowdown."
Economic growth picked up slightly in the third quarter, and consumer spending rose steadily last month.
Under Armour jumped higher. Brokerage Raymond James upgraded the sportswear maker's shares to "strong buy" from "outperform," noting that it was supplying its wholesalers with new products ahead of schedule.
Deere shares were the biggest loser on the S&P. The farm equipment maker's quarterly profit fell due to trade tensions with China and poor weather. It also warned earnings may decline next year.
Boeing shares dipped. The Federal Aviation Administration said it would be the sole issuer of airworthiness certificates for every new 737 MAX plane. Boeing said it would follow the lead of the FAA and global regulators.