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2017.05.2520:25:00UTC+00U.S. Stock Indexes Notch New Closing Highs, Buoyed by Consumer Stocks

The S&P 500 and Nasdaq Composite finished at fresh record highs, led by solid gains in consumer discretionary sector and technology stocks.

The benchmark S&P 500 advanced by 0.44 percent or 10.68 pts to end at 2, 415.07 while the Nasdaq Composite rose by 0.69 percent or 42.23 pts to 6, 205.26. The Dow Jones Industrial Average, which last hit a closing high on March one, rose by 0.34 percent or 70.53 points to end at 21, 082.95.

The discretionary index advanced 0.9 percent, while the S&P 500 retail index rose by 1.6 percent after strong quarterly financial reports from Best Buy, Sears and other retailers. The technology sector also outperformed, rising by 0.8 percent due to a jump in CSRA shares after the state IT provider exceeded earning estimates.

The solid Wall Street gains came despite a wave of selloff hitting energy shares, after price of oil saw its biggest decline in three weeks regardless of reports that OPEC would prolong its deal to reduce output by nine more months. Analysts said investors were disappointed that the cuts, while prolonged, were not any deeper and were deemed to be insufficient in tackling the persisting oil glut in the market. Shares in energy stocks slid 1.8 percent to 487.09.

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