THE Dow Jones Industrial Average has edged closer to an all-time closing high, as investors brushed off steep losses in China's equity markets and pushed major benchmarks higher.
The Dow rose 38.16 points, or 0.3 per cent, to 14127.82, to end on a five-year high and its second-highest finish ever. Blue chips now sit just 37 points below the record.
The Standard & Poor's 500-stock gained 7.00 points, or 0.5 per cent, to 1525.20 and the Nasdaq Composite Index climbed 12.29 points, or 0.4 per cent, to 3182.03.
Utility, consumer discretionary and financial stocks led the market higher. Wal-Mart Stores, which was up 2.1 per cent, and Home Depot, which added 1.8 per cent, were the Dow's best performers. Only energy and industrial sectors lost ground.
Hess rose 3.5 per cent after the company said it plans to shed oil-business assets to focus on exploration and production. It also unveiled a share-buyback program and more than doubled its quarterly dividend.