Nasdaq Closes at Record High

Dow ends day up 59
By Newser Editors and Wire Services
Posted Aug 31, 2017 3:04 PM CDT
Trader Fred DeMarco works on the floor of the New York Stock Exchange, Wednesday, Aug. 16, 2017. Stocks are opening higher on Wall Street following some encouraging results from retailers.   (AP Photo/Richard Drew)

(Newser) – Stocks are closing solidly higher for the second day in a row after the government said spending by consumers strengthened, the AP reports. Health care and technology companies made some of the largest gains Wednesday. Drugmaker Biogen jumped 4.2% and Alphabet, Google's parent company, added 1.2%. The Commerce Department said consumer spending grew in July along with wages and salaries. Investors also traded on positive reports from Europe and China. A day ago, stocks climbed after the government raised its estimate of second-quarter economic growth. The Standard & Poor's 500 index advanced 14 points, or 0.6%, to 2,471. The Dow Jones industrial average added 59 points, or 0.3%, to 21,952. The Nasdaq composite jumped 60 points, or 0.9%, to a record high of 6,428. (Read more stock market stories.)

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