* NY factory index falls in Nov to weakest since May-NY Fed
* Twitter options begin trading
* Exxon Mobil, J.C. Penney gain after hedge fund filings
* Indexes up: Dow 0.3 pct, S&P 0.2 pct, Nasdaq 0.1 pct
By Angela Moon
NEW YORK, Nov 15 The Dow and the S&P 500 climbed
to fresh highs on Friday in the wake of reassuring remarks by
Federal Reserve chair nominee Janet Yellen that the central
bank's accommodative policies would continue.
Still, the advance was limited, with both indexes on track
for a sixth consecutive week of gains and the S&P 500 less than
10 points away from 1,800, its next level of potential
resistance. The Nasdaq 100 index was near a 13-year high.
A divergence continued between large-cap and mid- and
small-cap stocks - viewed to be riskier as they exhibit greater
sensitivity to macroeconomic factors - with the Russell 2000
index of small- and mid-cap stocks flat at 1,111.37.
"Going forward, I'm keeping an eye on the 1,120 area on the
Russell 2000, as small-cap leadership would be a good sign for
risk appetite," said Bryan Sapp, senior trading analyst at
Schaefer's Investment Research in Cincinnati, Ohio.
The Dow Jones industrial average was up 39.21 points,
or 0.25 percent, at 15,915.43. The Standard & Poor's 500 Index
was up 2.94 points, or 0.16 percent, at 1,793.56. The
Nasdaq Composite Index was up 3.24 points, or 0.08
percent, at 3,975.98.
Exxon Mobil Corp rose 1.3 percent to $94.41 a day
after Warren Buffett's Berkshire Hathaway Inc
disclosed a new $3.45 billion stake in the world's largest
publicly traded oil company.
J.C. Penney Co shares rose 3.3 percent to $8.98
after a number of hedge funds including Highfields Capital, Jana
Partners and Farallon Capital Management Group took positions in
the ailing department store operator, and Glenview Capital,
already a big owner, added to its holdings.
Following Twitter 's trading debut on the New York
Stock Exchange on Nov. 7, options market makers began pricing
and trading contracts Friday to buy or sell Twitter shares at
various prices in the future.
Data showed New York state's manufacturing sector
unexpectedly shrank this month while U.S. industrial production
fell in October as output at power plants and mines
declined. The market barely
reacted to the reports.