All 3 stock-market benchmarks log records for a se
Post# of 98044
(Total Views: 186)
Posted On: 07/12/2019 6:10:04 PM
All 3 stock-market benchmarks log records for a second straight session
< >
U.S. stock benchmarks booked another round of records on Tuesday, with the S&P 500 notching its sixth positive session in a row, as the market took its cues from upbeat data, including reports on vehicle sales.
What stock benchmarks are doing
The Dow Jones Industrial Average DJIA, +0.90% finished 84.07 points, or 0.4%, higher at 22,641.47, marking its fifth daily gain in a row. The S&P 500 SPX, +0.46% rose 5.46 points to 2,534.58, an increase of 0.2%, in its longest string of gains since a six-session advance that ended Sept. 1.
The Nasdaq Composite Index COMP, +0.59% rose 15 points, or 0.2%, to 6,531.71, making Tuesday its sixth gain in a row.
The Russell 2000 Index RUT, +0.78% meanwhile, closed at an all-time peak for a second day in a row with a gain of 2.49 points, or 0.2%, to 1,511.97, after trading the small-cap index traded in fits and starts throughout the session. The index of small companies has trounced its larger-benchmark peers over the past 30 days, up nearly 7%, compared with a 3% rise for the Dow and a 2.3% gain for the S&P in that same period.
What was driving markets?
Stocks have been supported by some strong economic data, including the recent ISM manufacturing survey for September, as well as hopes for tax-cut legislation. However, there are lingering concerns that the market’s record advance—the S&P is up 13.2% year to date, the Dow is on track for a nearly 15% return thus far this year, while the Nasdaq has gained more than 21%—has been overdone. That’s especially as the Federal Reserve increases borrowing costs.
What are strategists saying?
“Data have been pretty strong over the past few days, and that’s giving a boost to markets around the globe. Valuations are elevated, but you can justify them,” said David Joy, chief market strategist at Ameriprise Financial” Joy said valuations ultimately “depend on bond yields,” with lower yields helping to support buying in relatively riskier assets.
J.J. Kinahan, chief strategist at TD Ameritrade said “as we’ve seen in other rally-threatening instances this year, the markets continue to slog ahead,” referring to the market’s resilience in the face of the worst mass shooting in modern U.S. history that left scores dead and injured in Las Vegas.
Which stocks are in focus?
Shares in MGM Resorts International MGM, +0.80% closed 0.3% higher after falling 5.6% Monday in the wake of the mass shooting at the company’s Mandalay Bay property in Las Vegas.
Home builder Lennar Corp. LEN, +0.34% rose 4.8% after better-than-anticipated quarterly results.
Gun-maker stocks such as Smith & Wesson parent American Outdoor Brands Corp. AOBC, +0.66% and Sturm, Ruger & Co. Inc. RGR, +2.67% also could see another active session after rallying Monday. They often gain when traders think stricter regulations are coming, as sales can get a lift ahead of any change. Shares of American Outdoor gained 2.4% and Sturm’s shares closed 2.2% higher.
What are the data saying?
Major auto makers posted better-than-expected sales gains in September amid heavier consumer discounts and demand to replace hurricane-damaged vehicles, giving the industry relief from a protracted period of declining results.
General Motors Co. GM, +2.03% rose 3.1% after it reported U.S. sales growth of 12%, with the stock hitting a record in early trading.
Ford Motor Co. F, -0.19% was up 2.1% after it posted sales growth of 8.7%. The auto maker was also in focus as new CEO Jim Hackett is due to provide an update on the company’s progress at an investor meeting.
Fiat Chrysler’s FCAU, +1.29% September numbers fell by 10% year-over-year, thanks to declines in its Jeep, Chrysler and Dodge brands. Its shares last traded slightly weaker, down 0.3% from yesterday.
Shares in Tesla Inc. TSLA, +0.23% pared previous losses and rose 1.9%. Late Monday, news came that third-quarter production for the electric car maker’s Model 3 sedan was lower than anticipated, due to manufacturing bottlenecks, causing Tesla’s shares to take a dive.
What other assets are doing
European stock markets SXXP, +0.04% traded higher on Tuesday, adding on from an eight-day winning streak. Asian equity markets largely closed higher, though some bourses remained closed for holidays.
Oil futures US:CLX7 settled at a two-week low, while gold futures US:GCZ7 booked their third straight decline, as the ICE U.S. Dollar Index DXY, -0.34% was little changed.
< >
U.S. stock benchmarks booked another round of records on Tuesday, with the S&P 500 notching its sixth positive session in a row, as the market took its cues from upbeat data, including reports on vehicle sales.
What stock benchmarks are doing
The Dow Jones Industrial Average DJIA, +0.90% finished 84.07 points, or 0.4%, higher at 22,641.47, marking its fifth daily gain in a row. The S&P 500 SPX, +0.46% rose 5.46 points to 2,534.58, an increase of 0.2%, in its longest string of gains since a six-session advance that ended Sept. 1.
The Nasdaq Composite Index COMP, +0.59% rose 15 points, or 0.2%, to 6,531.71, making Tuesday its sixth gain in a row.
The Russell 2000 Index RUT, +0.78% meanwhile, closed at an all-time peak for a second day in a row with a gain of 2.49 points, or 0.2%, to 1,511.97, after trading the small-cap index traded in fits and starts throughout the session. The index of small companies has trounced its larger-benchmark peers over the past 30 days, up nearly 7%, compared with a 3% rise for the Dow and a 2.3% gain for the S&P in that same period.
What was driving markets?
Stocks have been supported by some strong economic data, including the recent ISM manufacturing survey for September, as well as hopes for tax-cut legislation. However, there are lingering concerns that the market’s record advance—the S&P is up 13.2% year to date, the Dow is on track for a nearly 15% return thus far this year, while the Nasdaq has gained more than 21%—has been overdone. That’s especially as the Federal Reserve increases borrowing costs.
What are strategists saying?
“Data have been pretty strong over the past few days, and that’s giving a boost to markets around the globe. Valuations are elevated, but you can justify them,” said David Joy, chief market strategist at Ameriprise Financial” Joy said valuations ultimately “depend on bond yields,” with lower yields helping to support buying in relatively riskier assets.
J.J. Kinahan, chief strategist at TD Ameritrade said “as we’ve seen in other rally-threatening instances this year, the markets continue to slog ahead,” referring to the market’s resilience in the face of the worst mass shooting in modern U.S. history that left scores dead and injured in Las Vegas.
Which stocks are in focus?
Shares in MGM Resorts International MGM, +0.80% closed 0.3% higher after falling 5.6% Monday in the wake of the mass shooting at the company’s Mandalay Bay property in Las Vegas.
Home builder Lennar Corp. LEN, +0.34% rose 4.8% after better-than-anticipated quarterly results.
Gun-maker stocks such as Smith & Wesson parent American Outdoor Brands Corp. AOBC, +0.66% and Sturm, Ruger & Co. Inc. RGR, +2.67% also could see another active session after rallying Monday. They often gain when traders think stricter regulations are coming, as sales can get a lift ahead of any change. Shares of American Outdoor gained 2.4% and Sturm’s shares closed 2.2% higher.
What are the data saying?
Major auto makers posted better-than-expected sales gains in September amid heavier consumer discounts and demand to replace hurricane-damaged vehicles, giving the industry relief from a protracted period of declining results.
General Motors Co. GM, +2.03% rose 3.1% after it reported U.S. sales growth of 12%, with the stock hitting a record in early trading.
Ford Motor Co. F, -0.19% was up 2.1% after it posted sales growth of 8.7%. The auto maker was also in focus as new CEO Jim Hackett is due to provide an update on the company’s progress at an investor meeting.
Fiat Chrysler’s FCAU, +1.29% September numbers fell by 10% year-over-year, thanks to declines in its Jeep, Chrysler and Dodge brands. Its shares last traded slightly weaker, down 0.3% from yesterday.
Shares in Tesla Inc. TSLA, +0.23% pared previous losses and rose 1.9%. Late Monday, news came that third-quarter production for the electric car maker’s Model 3 sedan was lower than anticipated, due to manufacturing bottlenecks, causing Tesla’s shares to take a dive.
What other assets are doing
European stock markets SXXP, +0.04% traded higher on Tuesday, adding on from an eight-day winning streak. Asian equity markets largely closed higher, though some bourses remained closed for holidays.
Oil futures US:CLX7 settled at a two-week low, while gold futures US:GCZ7 booked their third straight decline, as the ICE U.S. Dollar Index DXY, -0.34% was little changed.
(0)
(0)Scroll down for more posts ▼