By Luke Swiderski
NEW YORK (Reuters) - The Dow and the S&P 500 closed at record highs on Wednesday, led by Hewlett-Packard's jump a day after the personal computer maker's earnings, while the Nasdaq finished at a 13-year high.
The tech-heavy Nasdaq got its biggest boost from Apple Inc
"We're seeing some rotation into the tech sector, which was left out of broader market gains," said Frank Davis, director of sales and trading at LEK Securities, in New York.
Expectations were low for HP's fourth quarter following a disappointing third quarter and after tech bellwethers IBM
Overall trading volume was light at 4.37 billion shares, according to BATS. Many traders were out for the Thanksgiving holiday, as the U.S. stock market will be closed on Thursday. On Friday, the market will close at 1 p.m..
The Dow Jones industrial average rose 24.53 points or 0.15 percent, to end at 16,097.33, a record closing high. The S&P 500 gained 4.48 points or 0.25 percent, to finish at 1,807.23, a record closing high. The Nasdaq Composite added 27.001 points or 0.67 percent, to close at 4,044.75.
Energy was the day's worst-performing sector. The S&P index of energy shares fell 0.7 percent after a higher-than-expected increase in U.S. crude oil inventories.
U.S. light crude oil futures fell 1.5 percent to settle at $92.30 a barrel, which may translate into lower gasoline prices for consumers.
Weekly jobless claims for unemployment benefits unexpectedly fell in the latest week, a sign of steady improvement in the labor market. Analysts were expecting an increase in claims.
The November Chicago Purchasing Managers Index and the final November reading for the Thomson Reuters/University of Michigan consumer sentiment index exceeded expectations.
(Editing by Jan Paschal)
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