While you were sleeping: UPDATED Wall St rises as US dollar hits 14-year high

Blue-chip stocks on Wall Street continued to rise and the US dollar hit its highest level since 2002 as new economic data bolstered bets for rising interest rates.

Federal Reserve policymakers are widely expected to hike their target interest rate when they meet next month.

A Commerce Department report showed orders for US durable products, meant to last at least three years, climbed a better than expected 4.8% to a seasonally adjusted $US239.4 billion from the previous month.

A separate report showed the University of Michigan's consumer sentiment index rose to a final reading of 93.8 in November, the highest level since May and up from 87.2 in October.

"One thing we can give thanks for this Thanksgiving Day weekend is the economy," Pennsylvania-based Naroff Economic Advisors chief economist Joel Naroff told Reuters. "It is in good shape and is starting to accelerate."

US financial markets will be closed on Thursday for the Thanksgiving holiday.

US Treasurys fell, pushing the yield on the benchmark 10-year note three basis points higher to 2.352%.

Dow rises 59 points
At the close on Wall Street, the Dow Jones Industrial Average rose 59.31 points, or 0.3%, to another all-time high of 19,083.18.

The Nasdaq Composite Index eased 0.1% to 5380.68 while the Standard & Poor's 500 Index gained 0.1% to 2204.72. Earlier in the session, the Dow touched a record high 19,074.51.

In the Dow, advances Caterpillar and Verizon Communications shares, up 2.6% and 1.6% respectively, outweighed slides in Microsoft and Intel shares, 1.3% and 0.9% weaker respectively.

Shares of Deere traded 10.1% higher after the maker of farm equipment posted earnings and a full-year forecast that bettered expectations.

For fiscal 2017, net sales and revenue will decline about 1% from $US26.6 billion in the previous fiscal year, with net income is expected to fall to about $US1.4 billion, down from $US1.52 billion.

"The industry stuff doesn't sound any better," Stephen Volkmann, an analyst at Jefferies in New York, told Bloomberg.

"They're kind of focused on what they can control, which is costs. Historically, this is a big, slow-moving company. They're more nimble this cycle."

Drug company shares fall
Shares of Eli Lilly sank 10% after it said an experimental Alzheimer's drug failed to show statistically significant slowing in cognitive decline compared to patients treated with placebo. It said it won't seek regulatory approval for the drug.

Biogen and Merck, which are developing similar drugs, lost 4.1% and 0.2% respectively.

Shares of Juno Therapeutics lost 27% after it said two patients died in a midstage trial of its cancer treatment.

The WSJ Dollar Index, which measures the US currency against 16 others, rose 0.7%, the highest close since October 2002. The gains came as expectations have grown for higher inflation and higher US interest rates.

In Europe, the Stoxx 600 Index finished the session with a 0.1% fall from the previous close. Germany's DAX Index fell 0.5%, while France's CAC 40 Index declined 0.4%, and the UK's FTSE 100 Index inched 0.03% lower.

(BusinessDesk)