US stocks mixed - S&P & Dow set record highs, Nasdaq underperform
• Investors shrug off renewed geopolitical tensions.
• Upbeat US GDP boosts sentiment.
• Focus remains on US tax cut bill.
The Dow Jones Industrial Average (DJIA) and the broader S&P 500 Index built on previous session's record finish to set fresh all-time highs in early trade on Wednesday. Meanwhile, tech-heavy Nasdaq Composite Index lagged behind and slipped around 20-points, back below the 6,900 mark.
The market seemed to have largely shrugged off concerns over the latest ballistic missile test by North Korea, with an upbeat revision to the third quarter US GDP growth figures boosting investors’ sentiment and driving the markets higher during the opening hour of trade.
Data released on Wednesday showed that the US economy grew faster than initially estimated in the July-September period, notching its quickest pace in three years. The pace of US economic growth was raised to 3.3% from 3.0% and as reported by the Commerce Department, increasing business investment in inventories and equipment helped offset a moderation in consumer spending.
Investors will also be tacking progress over the long-awaited US tax legislation, especially after Senate version of the bill was approved by the Budget Committee on Tuesday that paved the way for a full vote as soon as Thursday.