Wall St adds to run of records; services data upbeat

4 October 2017: U.S. stocks edged higher on Wednesday, extending their run of record highs, as data on the services sector added to signs of strength in the economy.

But gains were limited as a decline in oil prices weighed on energy shares, while the S&P information technology index , up about 26 percent this year, was on pace to post its first drop in seven sessions. The S&P energy index was down 0.1 percent.

The vast services sector overcame hurricane-related snags to expand at its fastest pace in 12 years, even as the deadly storms weighed on September hiring.

"It's been an overall quiet market, and I think it's waiting for the earnings season and maybe some bigger economic data," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

"We've seen economic data, especially manufacturing data both here in the United States, as well as globally, better, so it should be a better earnings season."

The Dow Jones Industrial Average rose 25.43 points, or 0.11 percent, to 22,667.1, the S&P 500 gained 2.89 points, or 0.11 percent, to 2,537.47, and the Nasdaq Composite added 1.61 points, or 0.02 percent, to 6,533.33.

Stocks have been hitting record highs on stronger economic data and President Donald Trump's tax reform plan. The day's data follows a report Monday that showed a measure of U.S. manufacturing activity surged to a near 13-1/2 year high in September.

The rest of the week is loaded with economic data, culminating in Friday's nonfarm payrolls report for September.

U.S. Secretary of State Rex Tillerson denied reports he considered resigning, allaying fears of fresh turmoil in the Trump administration.

Health and Human Services Secretary Tom Price resigned on Sept. 29 following an uproar over his use of costly private charter planes for government business.

Investors fretted that another departure could weigh on Trump's efforts to push through his much-awaited tax reform program, a key 2016 campaign promise.

The healthcare sector was boosted by Mylan, which surged nearly 17 percent after U.S. regulators approved its copycat version of Teva's blockbuster multiple sclerosis drug. Teva Pharmaceutical slumped 14.6 percent.

Wells Fargo was down 1 percent after the bank said it would refund some mortgage rate lock extension fees.

Analysts expect that earnings of S&P 500 companies rose about 6 percent in the third quarter from a year ago, according to Thomson Reuters data. That would be down from double-digit growth of the first two quarters this year, though still relatively strong.

Declining issues outnumbered advancing ones on the New York Stock Exchange by a 1.06-to-1 ratio while on Nasdaq a 1.02-to-1 ratio favored advancers.