Investors feast on stocks before Thanksgiving

Written By limadu on Rabu, 27 November 2013 | 22.16

NEW YORK (CNNMoney)

The Dow, S&P 500 and Nasdaq were all slightly higher in early trading Wednesday. These indexes have climbed between 23% and 33% so far this year thanks to a slowly recovering economy, solid corporate earnings and bond purchases by the Federal Reserve.

It is expected to be a quiet day of trading on Wall Street. The U.S. stock markets are closed Thursday and only open for a half-day of trading on Friday.

But traders may be watching the Bitcoin market closely. The price of the virtual currency is closing in on $1,000. It hit a new record of $998 Wednesday morning.

On the corporate front, Hewlett-Packard (HPQ, Fortune 500) shares surged after the PC and printer maker reported quarterly earnings and sales that beat expectations.

Airline investors are staying alert as they wait on a judge to rule on various issues surrounding the merger between US Airways (LCC, Fortune 500) and American Airlines (AAMRQ, Fortune 500). The ruling is expected around 10 a.m. ET.

Related: Fear & Greed Index still shows Greed

In economic news, claims for first-time unemployment benefits fell more than expected last week. Orders for durable goods fell in October, but the decline was more modest than forecasts.

Later in the morning, the University of Michigan and Thomson Reuters will release their consumer sentiment index.

Related: No tech bubble here

U.S. stocks finished slightly higher Tuesday, continuing to set new records. The Nasdaq, which is dominated by tech stocks, closed above 4,000 for the first time in 13 years.

European markets were pushing higher in afternoon trading, in part due to agreement on a new coalition government in Germany led by Chancellor Angela Merkel.

Related: Europe's golden visas lure rich Chinese

Asian markets ended mixed. Chinese indexes posted modest gains while Japan's benchmark Nikkei lost 0.4%.

Tensions in the region are rising after China announced the creation of a controversial new air defense zone. Both the United States and Japan, refuse to recognize the zone. To top of page

First Published: November 27, 2013: 9:44 AM ET


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