Industrials propel Dow to another new high

Traders work on the floor of the New York Stock Exchange in New York

Traders work on the floor of the New York Stock Exchange in New York

The Dow Jones Industrial Average hit a record closing high on Thursday, the last of Wall Street's major indexes to fully regain ground after a correction that began in January.

The US stocks are ending the day mixed.

An economic index from the Federal Reserve's bank in Philadelphia also topped forecasts, and the Conference Board's index of leading economic indicators, created to anticipate economic conditions three to six months out, rose 0.4 percent last month.

The Dow beat the heck out of the Nasdaq, with the tech heavy index falling -0.29% for the week.

Nike climbed 1.1 percent after brokerage Susquehanna highlighted the company's improving sales of footwear.

"When you have a big up week like we've had, we're at all-time highs, for people to take a little bit of risk off the table going into the weekend isn't a big surprise", said Randy Frederick, vice president of trading and derivatives at Charles Schwab.

Trade sentiment was further boosted as the dollar index fell to its lowest in more than ten weeks. "Pair that with a dollar that has started to depreciate a little bit and that's good news for US companies that trade overseas".

The rise in crude oil prices sent many energy stocks higher.

The yield on the 10-year Treasury held steady at 3.07 percent. Higher rates typically benefit the financial sector, which was up 1.0 percent.

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The S&P index recorded 30 new 52-week highs and no new lows, while the Nasdaq recorded 26 new highs and 15 new lows.

The change forces exchange-traded funds, or ETFs, and other funds that track the S&P 500's sectors to make trades to reflect the new alignment of the index.

Trader Tommy Kalikas works on the floor of the New York Stock Exchange, Thursday, Sept. 20, 2018.

Telecoms rose 1.4 percent on its last trading day as a discrete major S&P sector, and was the index's biggest percentage gainer.

All of the FAANG momentum stocks ended the session lower, with Facebook, Apple, Amazon.com, Netflix and Google parent Alphabet Inc down between 1.1 per cent and 1.9 per cent.

Defense stocks, including Northrop Grumman Corp, Lockheed Martin Corp and Raytheon Co were down after the United States said it was ready to resume talks with North Korea after Pyongyang pledged to denuclearize by 2021.

Advancing issues outnumbered declining ones on the NYSE by a 2.17-to-1 ratio; on Nasdaq, a 2.77-to-1 ratio favored advancers.

Trading volume spiked to the highest level since February 9 in anticipation of the S&P 500 sector change, when telecoms will be folded into a new sector called communications services, along with heavy-hitting stocks such as Facebook Inc (FB.O) and Walt Disney Co (DIS.N).

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