US stocks inched higher on Thursday and the S&P reached a record high, lifted by data pointing to steady improvement in the economy, as investors awaited the start of a meeting of top central bankers and economists in Jackson Hole, Wyoming. Policymakers are due to discuss the labour markets of major economies at the August 21-23 meeting, with US Federal Reserve Chair Janet Yellen scheduled to speak Friday. Investors will peruse officials' remarks for clues on the timing of an interest rate hike.
A flurry of US economic data, including a rise in home resales to a 10-month high and a decline in initial jobless claims, pointed to an economy that continues to slowly gain strength. The Dow Jones industrial average rose 69.56 points or 0.41 percent, to 17,048.69, the S&P 500 gained 4.34 points or 0.22 percent, to 1,990.85 and the Nasdaq Composite dropped 3.65 points or 0.08 percent, to 4,522.83.
Technology shares advanced, with Hewlett-Packard gaining 4.7 percent to $36.76 after posting a surprise increase in quarterly revenue. Ebay shares jumped 4.7 percent to $55.91 on a report the company was mulling spinning off its PayPal unit as soon as next year. The S&P technology index added 0.4 percent. Family Dollar shares shed 0.3 percent to $79.55 and Dollar General dipped 0.3 percent to $63.54. Dollar Tree also reported quarterly results and fell 1.1 percent to $54.41.
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