Market Snapshot: U.S. stocks poised for 6 wins in a row, even as oil falls on OPEC news

The S&P 500 and Nasdaq Composite traded in record territory on Thursday as U.S. stocks advanced for a sixth straight session, thanks in part to big gains in shares of Best Buy and HP after quarterly results.

The S&P 500 index SPX, +0.50% was up 9.78 points, or 0.4%, at 2,418.08, after setting an intraday record of 2,414.76. All of the 11 main sectors traded higher, led by gains in consumer-discretionary shares, up 0.8%.

Some technical analysts suggested closing at these levels would prompt a further rally in broader markets.

“Assuming the breakout is confirmed, short-term upside is likely greatest for small- and mid-cap stocks given their relatively oversold position,” said Katie Stockton, chief technical strategist at BTIG.

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