US stocks edged higher on Thursday with investors hard-pressed to lift indices to multi-year highs despite strong economic data. The US economy ticked up in the fourth quarter, reversing an earlier estimate showing contraction, and a drop in new claims for unemployment benefits last week added to a string of data that suggests the economy improved early this year.
The Dow was within striking distance of a record high after a more than 7 percent year-to-date run. The Dow transports index, seen as a bet on future growth, is up almost 13 percent this year and hit a record intraday high Thursday before turning slightly negative.
The Dow Jones industrial average rose 14.79 points or 0.11 percent, to 14,090.16, the S&P 500 gained 3.12 points or 0.21 percent, to 1,519.11 and the Nasdaq Composite added 9.13 points or 0.29 percent, to 3,171.39. The Dow's intraday record, set October 11, 2007, stands at 14,198.10.
The S&P 500 has gained more than 2 percent in the past three sessions. J.C. Penney Co Inc slumped 17.9 percent to $17.38 after the department store reported a steep drop in sales on Wednesday. Groupon Inc also slumped on weak revenue, with the stock off 20 percent at $4.76.
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