As traders headed out for the holiday, stocks were in a holding pattern but managed to ht new highs. Bobbi Rebell reports.
Holiday cheer helped stocks gain some ground ahead of Thanksgiving- Hewlett Packard one of the biggest gainers in the S&P 500 rebounding from a fall after Tuesdays' weak earnings report. The Dow and the S&P 500 hitting new highs. The Nasdaq closing at a 14 year high. Crude oil continuing to fall settling below $74 a barrel- ahead of the big OPEC meeting. Forty million people will be on the road this Thanksgiving, with triple-A saying another 25 million expected to fly over the next 10 or 12 days-and many are already delayed because of stormy weather. Mike Kercheval of the International Council of Shopping Centers says bad weather could be a mixed bag for retailers: (SOUNDBITE) MIKE KERCHEVAL, PRESIDENT AND CEO, INTERNATIONAL COUNCIL OF SHOPPING CENTERS (ENGLISH) SPEAKING: "If its rainy and yucky outside or snowy, as it is this holiday period, you know, some people are going to say 'well, let's stay home and snuggle by the fire.' Others are going to say 'let's get out of the house,' and where better to go than a nice warm shopping center where you can have something to eat, do your shopping, and, as we've spoken, have a real family and social experience while you are there." In economic news... Weekly U.S. jobless claims surged to the highest level since September. New orders for durable goods- things like cars, TVs and dishwashers unexpectedly fell for a second straight month in October. And consumer sentiment rose to its highest level in more than seven years. Deere earnings beat estimates, but forecast a drop in equipment sales in the current quarter, hurt by lower corn prices and falling farm incomes. The stock suffered. Activist investor- and billionaire- Carl Icahn- already the biggest shareholder in Hertz- upped his stake in the car rental to almost eleven percent. He's been getting his way- pushing for management changes and winning board seats. Not everyone's a fan- shares dropped. Shares of twitter were up after CNBC reported the company is in talks to buy Justin Bieber-backed selfie app Shots. The best thing about Shots - its more than 3 million user base, with nearly two-thirds of them women under 24. Turning to Europe, shares of the major country indexes closed out the day mixed.