Dow, S&P and Nasdaq set record highs

Three major U.S. stock indexes closed with record highs Wednesday, extending another stretch of rampant gains for Wall Street despite a dimming global outlook.

The Dow Jones Industrial Average, S&P 500 and the Nasdaq composite all set new highs in a shortened trading session ahead of Independence Day.

The Dow closed with a 179-point gain, rising 0.67 percent to a record high of 26,966 points. The S&P rose 0.77 percent, gaining almost 23 points to close at a record 2,996 points. And the Nasdaq rose 0.75 percent to gain 61 points, closing with a record 8,170 points.


Trading ended at 1 p.m eastern Wednesday, three hours earlier than the typical closing bell, ahead of a long holiday weekend for many U.S. businesses.

U.S. stocks have blown through records in the second quarter of 2019 despite the growing costs of global trade tensions, the volatile U.S.-China trade war and several geopolitical risks with economic implications, including Brexit.

Wall Street has also rallied as the Federal Reserve moves closer to cutting interest rates. 

Analysts attributed some of Wednesday’s stock gains to a disappointing monthly jobs report from ADP and Moody’s Analytics. The firms reported on Wednesday a private payrolls gain of 102,000 in June, falling short of the 135,000 jobs economists predicted.

Weakness in the job market would likely move the Fed toward a rate cut, and lower interest rates tend to boost investment in stocks. 

The federal monthly jobs report will be released Friday at 8:30 a.m.