Slight gains in USA stocks lift Dow, S&P, Nasdaq to new highs

Cornelia Mascio
Settembre 21, 2017

The Dow Jones industrial average gained 0.2 percent to 22,370.80.

US stocks have been breaching record levels, with the Dow clocking a closing record for the fifth day in a row on Monday and the S&P closing at a record for the second consecutive session.

Any reduction in the Fed's balance sheet could make it harder for banks and investors to borrow certain Treasuries in the repurchase agreement market, making it more difficult and expensive to bet on or protect against rate increases.

Five of the 11 major S&P sectors were higher, led by 0.33 percent gain in the energy index as oil prices edged up to trade close to five-month highs.

Economic data on Tuesday came in mixed, with U.S. housing starts printing at an annualised pace of 1.18m for August, according to the Department of Commerce, as economists correctly forecast. Economists had expected housing starts to jump by 1.7 percent.

On the United States economic front, the Commerce Department released a report showing an unexpected decrease in new residential construction in the month of August.

Spot gold was down 0.6 percent at $1,311.51 an ounce by 1346 GMT, having earlier touched $1,309.63, its lowest since August 31.

Michael Kors rose about 2.56 percent after Oppenheimer upgraded the stock to "outperform" from "perform". Export prices had been expected to edge up by 0.2 percent.

Microsoft shares ended down 0.2 percent while Alphabet was off 0.6 percent, with both stocks seeing a pickup in volume late in the day. With the gain, the index reached its best closing level in a month.

Giving sentiment a boost, a CNBC report reignited speculation of a potential merger between Sprint and T-Mobile, lighting a fire under the entire telecoms space. MSCI's index of world stocks was up 0.3 percent and touched an all-time high. The advance lifted the index to its best closing level in over a month.

S&P 500 e-minis were up 8 points, or 0.32 percent, with 48 contracts changing hands.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 per cent after wobbling between positive and negative territory in early trading.

Meanwhile, the major European markets moved to the upside on the day. The Nasdaq rose one-tenth of a percent to 6,461.3-2, setting a record for the 49th time this year, and now up 20-percent since the turn of the year.

The thing to pay attention to this week that might more fully cement investor focus onto 2017-Q4 is the statement that will be issued by the Federal Reserve's Federal Open Market Committee at the conclusion of its upcoming meeting on Wednesday, September 20, 2017, as well as the statements of individual Fed officials in the following days.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE