Communication stocks push Wall Street to record close

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Stocks finish higher, with Dow Jones extending record run.

The S&P 500 dipped 0.1% to 2495.62 today, while the Dow Jones Industrial Average rose 45.3 points, or 0.2%, to 22,203.48, a new all-time high.

Japan's benchmark Nikkei 225 index edged up 0.1 percent to 19,835.30 but South Korea's Kospi lost 0.4 percent to 2,369.32.

The strength on Wall Street came as traders shrugged off some disappointing economic reports, as the data was impacted by Hurricane Harvey. Prices rose nearly 5 percent in the week, buoyed by higher demand forecasts.

On the back of the retail sales and industrial production figures, Barclays Research took down its third quarter tracking estimate for US GDP from 2.6% to 2.0%. Hong Kong's Hang Seng fell 0.7 percent to 27,571.42 and the Shanghai Composite in mainland China shed 0.6 percent to 3,353.11.

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Business inventories increased 0.2% for the month.

Shares of SPDR Dow Jones Industrial Average ETF (NYSE:DIA) traded up 0.21% on Friday, reaching $222.33.

Additionally, a report from the University of MI showed concerns about the impact of Hurricanes Harvey and Irma have weighed on consumer sentiment in September. "Control retail sales (excludes sales at food services and drinking places, gasoline stations, building materials and auto stores) which factor directly into GDP fell 0.2% m/m in August, after a strong 0.6% gain in the prior month and are running just 1.3% (annualized) above the Q2 pace", the German bank added. The Philadelphia Semiconductor Index surged up by 1.7 percent to its best closing level since 2000.

The Bloomberg Dollar Spot Index fell 0.2 percent.The euro climbed 0.2 percent to $1.1941.The British pound gained 1.3 percent to $1.3568, the strongest in nearly 15 months. That was the index's sixth consecutive advance.

US market indexes were higher on Friday.

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Railroad and trucking stocks also moved notably higher over the course of the session, while some weakness was visible among software stocks. The S&P 500 grabbed a 0.2% gain and small caps outpaced slightly the overall action, leaving the Russell 2000 ahead 0.4%.

The consumer price index's (CPI) 0.4-percent gain last month was its biggest in seven months and is the last major economic data to be released ahead of the Federal Reserve's September 19-20 policy meeting.

In the bond market, treasuries showed a lack of direction before closing almost flat for the second straight session.

Britain's 10-year yield rose seven basis points to 1.3 per cent.

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