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S&P 500 cruises to new record

The S&P 500 set a new record on Thursday (Aug 22) as US stocks powered higher, shrugging off geopolitical problems elsewhere and gaining from fresh signs of strength in the US economy.

NEW YORK: The S&P 500 set a new record on Thursday (Aug 22) as US stocks powered higher, shrugging off geopolitical problems elsewhere and gaining from fresh signs of strength in the US economy.

The S&P added 5.86 points (0.29 percent) to hit 1,992.37, four points above the previous record on July 24. The Dow Jones Industrial Average gained 60.36 points (0.36 percent) to 17,039.49, while the Nasdaq Composite rose 5.62 points (0.12 percent) to 4,532.10.

The new high put the broad-based S&P 500 up 7.8 percent for the year. The Nasdaq reached its best level in 14 years, meanwhile, and was 8.5 percent above where it began the year.

Buyers were not bothered by more signs of weakness in the European and Chinese economies. And they took encouragement from positive data on the US economy: existing-home sales picked up pace in July; new claims for unemployment insurance were down, and the Conference Board's index of leading economic indicators improved sharply.

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