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Dow, S&P 500 edge to new records

New York -The Dow and S&P 500 on Wednesday edged higher to new records following a stream of mixed US economic data.

The Dow Jones Industrial Average rose 12.81 points (0.07%) to 17 827.75, about 10 points above the previous record.

The broad-based S&P 500 advanced 5.80 (0.28%) to 2 072.83, also an all-time high. The tech-rich Nasdaq Composite Index gained 29.07 (0.61%) at 4 787.32.

Data for October showed a slight increase in US consumer spending, a rise in durable goods orders and a modest increase in new-home sales. The Labour Department reported higher jobless claims for the week ending November 22.

The reports, while somewhat disappointing, "weren't terrible", said Michael James, managing director of equity trading at Wedbush Securities.

"Nothing about the data was enough to alter the view that the US economy remains the strongest economy in the world and that US equities remain the best option among worldwide equity markets," he said.

"The trend of the last month keeps marching on."

US markets are closed Thursday for the Thanksgiving Day public holiday, and will close three hours early on Friday at 18:00 GMT.

Drilling company Seadrill sank 22.8% as it suspended its dividend, citing "significant deterioration in the broader markets".

The Seadrill announcement added to pressure on oil services stocks, which fell as oil prices dropped on expectations that Opec will not take significant action Thursday at a Vienna meeting.

Driller Transocean fell 8.1%, while Schlumberger fell 2.5% and Weatherford International lost 2.8%.

Online retail giant Amazon fell 0.4% as it slashed the price of its Fire mobile phones for the second time in an effort to ignite sales.

Deere, which manufactures tractors and other agriculture equipment, fell 0.9% as it projected a 15% decline in equipment sales in 2015.

Hewlett-Packard advanced 4.1% after fiscal fourth-quarter earnings met expectations even as revenues of $28.41bn fell shy of the $28.76bn projected by analysts.

GoPro, the maker of action cameras, jumped 5.8% on reports it is developing its own line of consumer drones.

Bond prices rose. The yield on the 10-year US Treasury fell to 2.23% from 2.26% on Tuesday, while the 30-year dipped to 2.94% from 2.97%.

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