Saturday, 19 August, 2017

S&P and Dow close at record closing levels....(once again)

Traffic Jam Press Getty Images
Rosalie Gross | 09 August, 2017, 01:20

U.S. stock indexes reversed course to trade higher on Tuesday morning, with the Dow and the S&P hitting a new record, helped by a rise in Apple's shares.

The Dow Jones industrial average climbed 25 points, or 0.1 percent, to 22,118. Click on ticker-symbol links in each slide for current prices and more.

"Despite precious few game changing economic policies from Trump thus far, the latest U.S. jobs data coupled with elevated business confidence numbers suggest firms remain bullish for the United States economy going forward", said Joshua Mahony, market analyst at IG.

Meanwhile, investors will continue to closely track the second-quarter earnings season to see if pricey valuations are justified.

The Standard & Poor's 500 index fell 4 points, or 0.2 percent, to 2,476.

Elsewhere, energy companies fell along with the price of crude oil.

And on Tuesday, shares of Michael Kors jumped 20.31 percent after the retailer raised its full-year revenue forecast, while Ralph Lauren was up 9.79 percent following revenue and profit beat.

The index is trading at 18 times expected earnings, compared to its 10-year average of 14, according to Thomson Reuters Datastream. The Nasdaq Composite Index also manages to get caught in the tailwind; it manages to record a total increase of 0.5% or 32.21 points and closing to 6,383.77 levels.

Warren Buffett's Berkshire Hathaway was down 1.11 percent after the company reported a drop in second-quarter profit. Nasdaq manages to set a new high for its biggest one-day percentage rise since July.

The S&P 500 has risen about 11 percent in 2017 despite investors losing confidence in President Donald Trump's ability to legislate his pro-growth agenda of tax cuts and infrastructure spending this year.

Shanghai stocks were little changed despite the disappointing Chinese trade data.

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