Stock Futures Lag, FANGs Flat; Will This Indian Bank Break Out?

Cornelia Mascio
Settembre 13, 2017

All three major United States stock indexes hit record closing highs on Tuesday, with financial stocks leading the charge, but gains were capped by unsteady trade in technology after Apple unveiled its latest line of iPhones.

The gains helped lift the S&P 500, Dow Jones index and Nasdaq to new highs, extending the rise on Monday, when shares rallied on hopes Hurricane Irma would be less damaging than feared.

The financial sector was the S&P 500's biggest driver as bank stocks were helped by rising U.S. Treasury yields, while utilities and real estate stocks were out of favor. "The longer this period of calm continues, the more relaxed investors will become which will be better for riskier assets, while safe havens will continue to experience unwinding".

"There's a relief factor, at least for the moment, that the North Korea situation has gone a little bit quiet, and the fact that the hurricane over the weekend was not as bad as expected", said Dave Donabedian, chief investment officer of CIBC Atlantic Trust Private Wealth Management.

The Dow Jones Industrial Average rose 61.49 points, or 0.28 percent, to 22,118.86, the S&P 500 gained 8.37 points, or 0.34 percent, to 2,496.48 and the Nasdaq Composite added 22.018 points, or 0.34 percent, to 6,454.28.

Asian stock markets chalked up another mixed session, with Hong Kong's Hang Seng index ending down 0.3% and the Nikkei 225 in Tokyo up 0.5%, rebounding above its 50-day moving average in a third advance off Friday's low. Apple's release date of November 3 was later than some investors had expected.

Apple saw some of the steepest losses in opening trade.

The Nasdaq is up 1,049.15 points, or 19.5 percent. U.S. Treasury 10-year yields hit a three-week high after a 10-year note auction.

Elsewhere, shares in industrial giant Dow DuPont increased by more than 2% after the firm said it had revised its break-up plans.

About 5.91 billion shares changed hands on USA exchanges, above the 5.79 billion 20-day average.

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