Sunday, 08 December, 2019

S&P 500, Nasdaq hit record highs after upbeat retail results

Debra Rodriguez | 27 May, 2017, 01:21

Electronics retailer Best Buy had a stellar trading day, surging 21.5 per cent after posting better-than-expected quarterly results.

The S&P 500 rose for a sixth straight day on Thursday, its longest streak since February.

The S&P 500 index showed 84 new 52-week highs and nine new lows, while the Nasdaq recorded 118 new highs and 44 new lows.

At 12:32 p.m. ET (1632 GMT) the Dow Jones Industrial Average was down 9.32 points, or 0.04 percent, at 21,073.63, the S&P 500 was down 0.22 points, or 0.00 percent, at 2,414.85.

The U.S. dollar's lacklustre performance comes in part from doubts about whether the U.S. Federal Reserve will raise rates at its June meeting, as well as economic conditions not showing enough acceleration, he said.

USA shares started the day higher with software analytics firm Intuit (NYSE:INTU) shares the top riser on S&P 500.

US crude prices plummeted as much as 5.7 percent to $48.45 a barrel, their lowest level in a week after OPEC agreed to extend output cuts for nine more months, dousing hopes for deeper, longer cuts. They showed policymakers view an interest rate hike coming soon, but that they agreed to hold off until it was clear a recent slowdown in the economy was temporary.

USA stocks rose on Thursday, with the S&P 500 and Nasdaq Composite scaling new highs, buoyed by strong earnings reports from the embattled retailer sector.

About 6.4 billion shares changed hands on US exchanges, below the 6.8 billion daily average for the past 20 trading days, according to Thomson Reuters data.

James passes Jordan, Cavs back in Finals with 135-102 win
In the last four minutes and 50 seconds of the third quarter, Cleveland turned a three-point deficit into a seven-point lead. Celtics: Injured point guard Isaiah Thomas led his teammates in a pregame huddle before they took the court for warmups.

The Nasdaq climbed 4.94 (+0.08 percent) to close at 6,210.19, and the S&P 500 finished at 2,415.82, up 0.75 (+0.03 percent) from its open.

USA crude slipped somewhat- down 0.31% to $51.31 a barrel, ahead of tomorrow's OPEC meeting in Austria.

Limiting gains, the S&P energy index was down 1.9 percent following a drop in crude oil prices.

The market will be closed on Monday for Memorial Day.

"The minutes, while leaving the door open for another rate hike weren't as hawkish as some investors had been expecting - there had been speculation ahead of time that hawkish tones could be quite supportive for the dollar", said Alexandra Russell-Oliver, currency analyst at Caxton FX in London. The index hit an all-time high of 6,209.05.

That was reinforced by the jobless claims data, which showed that claims rose less than expected last week and the four-week moving average of claims fell to a 44-year low.

On the Big Board, advancers exceeded decliners by just 1.1-to-1, and on the Nasdaq, advancers led by 1.2-to-1.

NASDAQ measures a number of indices reflecting the reaction of USA's high tech markets and business environments on the country's political and economic developments which have an impact on high tech markets.

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