NEW YORK, New York - Industrial stocks were all the rage on U.S. markets on Wednesday with the Dow Jones hitting a new intraday high.
"Earnings is boosting sentiment and we'll know more in two weeks... we're going to hear more about supply chain issues, wage growth and costs, etc. So far we haven't heard too much of that yet," Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago told Reuters on Wednesday.
Peter Cardillo, chief market economist at Spartan Capital Securities in New York older Reuters, "People are waiting to see what the large tech companies are going to report. That is probably the real reason we're seeing individual stocks responding more than the broader market."
The Dow Jones index added 152.03 points or 0.43 percent to close Wednesday at 35,609.34. During the session, the benchmark index hit a new all-time high of 35,699.69.
The Standard and Poor's 500 too traded near its record high, finishing the day ahead 16.56 points or 0.37 percent at 4,536.19.
The tech-laden Nasdaq Composite lagged, losing 7.41 points or 0.05 percent to close at 15,121.68.
On foreign exchange markets, the U.S. dollar was softer. The euro edged up to 1.1651 by the New York close Wednesday. The British pound firmed to 1.3828. The Japanese yen inched up to 114.27. The Swiss franc was stronger at 0.9191.
The Canadian dollar rose to 1.2321. The Australian dollar strengthened to 0.7518. The New Zealand dollar was sharply higher at 0.7202.
On overseas equity markets, the FTSE 100 in London rose 0.08 percent. The German Dax gained 0.09 percent. The Paris-based CAC 40 added 0.54 percent.
On Asian markets, the Nikkei 225 in Japan gained 40.03 points or 0.14 percent to 29,255.55.
The Australian All Ordinaries advanced 37.00 points or 0.48 percent to 7,272.20.
In Hong Kong, the Hang Seng was ahead 348.81 points or 1.35% at 26,136.02 at the close.
China's Shanghai Composite declined 6.15 points or 0.17 percent to 3,587.00.