2014.09.1823:55:34UTC+00US stocks climb on jobs data, Fed outlook

US stocks extended its rise for third consecutive day with its benchmark indices reaching record highs on data that showed a decline in jobless claims and on the positive outlook that the Fed will keep interest rates low.

The Dow Jones Industrial Average had an intraday high that gained it as much as 118 points before settling for a 0.6% increase or 109.14 points to 17,265.99. DuPont led the rally of the index’s 28 out of 30 components. Chevron and Exxon Mobil were the laggards. The S&P 500 reached an all-time high of 2,011.36 that gained it 0.49% or 9.79 points. The gauge had an intraday high that put it past the 2,012 mark. Among the ten major industry groups, financial performed best while utilities and energy performed worst. The Nasdaq Composite added 0.7% or 31.24 points to 4,593.43. The trend showed that for every three shares risings, two dropped. The New York Stock Exchange witnessed 676 million shares exchange hands while the composite volume went beyond 3.2 billion.

ConAgra Foods Inc. and Kohl’s Corp. climbed by 4.6% and 1.6% respectively. Rite Aid Corp. plummeted by 19%.

Senior equity analyst at Schaeffer’s Investment Research Inc., Joe Bell, commented to Bloomberg that the market is still in ‘Fed mode’ and that a majority of market participants are thinking that the rate increase may happen July 2015 putting the market in positive mood.