Dow, S&P 500 hit record highs as Nasdaq slips

U.S. stocks ended mostly higher Wednesday, with the Dow Jones industrial average and the S&P 500 again setting new all-time closing highs after strong results from farm equipment maker Deere.

However, technology stocks slipped after HP released a weak profit forecast.

Helped by gains for industrial companies Caterpillar and United Technologies, the Dow Jones industrial average climbed about 59 points, or 0.3%, to 19,083.18. The Standard & Poor’s 500 index inched up 0.1% to 2204.72.

The Nasdaq composite dipped 0.1% to 5,380.68. Trading was relatively light ahead of the Thanksgiving holiday. U.S. markets will be closed Thursday and will close early on Friday at 1 p.m. ET.

The Russell 2000 index of small-company stocks, which has risen for the previous 13 trading days, was up 0.2%. The index has closed at a record high for eight consecutive days. It’s up 18% this year, more than twice as much as the S&P 500, which tracks large companies.

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The primary market focus has been on the election of Donald Trump as U.S. president, which many investors bet will be positive for companies. They expect less regulation of financial services and possibly tax cuts as well as spending on infrastructure. He has affirmed plans to withdraw from the Trans-Pacific Partnership but avoided mentioning his campaign pledge to build a wall along the Mexican border.

“As Trump has rowed back and not mentioned some of his more extreme policy sound bites, some worries about the nature of his presidency may have begun to abate,” Alex Furber of CMC Markets said in a report. That has helped U.S. indexes hit record highs, with the Dow surpassing 19,000 for the first time and closing at a record high six times in the two weeks.

“The bulls have got control here,” Chris Weston of IG said in a report. “U.S. equity and many other developed markets are going higher, at least in the short-term.” Weston noted investors assume the U.S. Federal Reserve will go ahead with an interest rate hike in December. “Emerging markets have found support and are even attracting buyers,” said Weston. “If the Fed were to assess financial conditions in the wake of a potential rate hike they would be wholly enthused.”

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Industrial companies are trading at all-time highs and continued to rise after Deere’s report.The agricultural and construction equipment maker reported a bigger profit than analysts expected. Shares of Deere rose almost 11%.

Construction and mining equipment maker Caterpillar gained 2.7% and United Technologies, which makes elevators, jet engines and other things, rose 1.1%.

Overseas, European stocks were lower as France's CAC index fell 0.4% and Germany’s DAX dropped 0.5%.  Britain’s FTSE 100 fell less than 0.1%

Japanese markets were closed for a holiday. Hong Kong’s Hang Seng ended unchanged at 22,676.69. The Shanghai Composite Index shed 0.2% to 3,241.14. J