US stocks rise to fresh records in shortened session
NEW YORK (AP) — Stocks hit fresh records in a shortened trading session Friday as investors continued to bet on a pickup in economic growth and rising corporate profits.
Investors anticipate that plans by President-elect Donald Trump to cut taxes, reduce regulations and spend on infrastructure will speed economic growth.
Investors are also reacting to recent signs of a pickup in growth in several other major economies around the world, said Jim Paulsen, chief investment strategist for Wells Capital Management.
Trading was relatively quiet as investors returned from the Thanksgiving holiday.
Among others stocks making moves Friday, Johnson & Johnson rose $1.06 cents, or 0.9 percent, to $114.13 after the health care company said it is in early talks to buy Swiss drugmaker Actelion.
Investors pushed prices up earlier in the week, but are on edge in anticipation of a meeting of OPEC nations next week.
In other energy trading, wholesale gasoline fell 5 cents to $1.37 a gallon, heating oil lost 5 cents to $1.47 a gallon and natural gas rose 6 cents to $3.09 per 1,000 cubic feet.