Energy-related shares rose for the third straight session, helping lift U.S. stocks to more records on Wednesday. Bobbi Rebell reports.
Yet another record setting day on Wall Street. The Dow and the S&P 500 tacking on new highs, lifted by energy shares and also cyclicals- thanks to encouraging data on the US services sector.. ISM's reading on the services sector rose more than expected last month. And ADP reported that private-sector employers added 208,000 jobs. Societe Generale senior economist Brian Jones: SOUNDBITE: BRIAN JONES, SENIOR ECONOMIST, SOCIETE GENERALE (ENGLISH) SAYING: "We should have a solid jobs report. My numbers are significantly higher than those you would've expected coming from the ADP report. We're expecting 275,000 non-farm jobs in November. I wouldn't be surprised to see the previously reported numbers for both September and October marked higher." J.C. Penney's shares fell after Goldman Sachs downgraded them to sell from neutral. Goldman questioned the sustainability of the retailer's turnaround drive. Abercrombie and Fitch's shares rose. The struggling teen retailer beat forecasts, despite lower profits- and said it expects its turnaround efforts will produce results next year. Taser's shares got zapped one day after rallying on President Obama's call for funding for body cameras to be used by police officers following the unrest in Ferguson, Missouri. Apple's stock got a lift. JMP Securities upped its price target and profit forecast, citing strong sales of iPhones and iPads in the U.S. and China extending into the holiday sales season. In Europe, stocks rose as investors bet that the ECB will hint at further stimulus at a meeting on Thursday.