Stocks cut early losses, hit new record highs

• published: 11 Nov 2014
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Stocks climbed back from early losses in late morning trading Tuesday sending the Dow and S&P; 500 back to new record highs. The Dow Jones industrial average was up for a sixth straight day as it rose 0.1% and hit a new intraday record of 17,638.21. The Standard & Poor's 500 index jumped to an all-time high of 2041.28 and was trading up 0.1%, marking its fifth consecutive day of gains. The Nasdaq composite index gained 0.1% to 4656. Global stocks were mostly higher with Tokyo closing at a seven-year as Japan's Nikkei 225 rose 2.1% to 17,124.11. The index closed above 17,000 for the first time since October 2007. Helping the mood was news that leaders of Asian-Pacific countries have agreed to work on the possible adoption of a Chinese-backed free-trade pact. Similar trade talks for the Pacific region initiated by the U.S. earlier did not include China, the world's second largest economy, so the latest proposal raises hopes for greater cooperation. In Asia, Hong Kong's Hang Seng index rose 0.3% to 23,808.28 while the Shanghai composite fell 0.2% to 2,469.67. European benchmark posted gains, with Britain's FTSE up 0.1%, Germany's DAX up 0.3% and France's CAC 40 0.6% higher. Major indexes closed at record highs Monday. "Investors reflected on sound corporate earnings and an encouraging macro environment," said Will Leys, sales trader at CMC Markets in Sydney. "The likelihood of low rates for the near term, combined with improving sentiment and low commodity prices, is currently offsetting concerns over the global growth outlook. "