U.S. stocks gain as all three main indexes close at records

20 September, 2017, 01:08 | Author: Gladys Mathis
  • US stocks gain as all three main indexes close at records

US stocks were slightly higher on Tuesday, helped by gains in financial, technology and telecom stocks, but indexes traded in a narrow range as investors stayed away from making major bets ahead of the Federal Reserve's policy meeting. The Dow is up 37.20 points or 0.2% at 22,368.55, the Nasdaq is up 2.52 points or less than a tenth of a % at 6,457.16 and the S&P 500 is up 2.55 points or 0.1% at 2,506.42. It is now on track for its eighth straight daily gain, its longest streak since August, as well as its sixth straight record close. Chevron gained 0.5 percent and BP added 0.2 percent but ExxonMobil was essentially flat.

The S&P 500 Index - 6%-7%.

Notable strength also emerged among banking stocks, as reflected by the 0.9% gain posted by the Dow Jones Banks Index. It is a few points from its intraday record.

The Fed's two-day monetary meeting will start on Tuesday. "This prospect could begin to pull traders to the sidelines over the next day and a half, but for now there is a risk-positive theme running through the markets", said Richard Perry, market analyst at Hantec Markets, in a note.

The Federal reserve meeting is likely to yield details on how the central bank will unwind its $4.2 trillion portfolio of Treasuries and mortgage-backed securities, almost a decade after the global financial crisis. Markets were little impacted by the speech. Visit MarketWatch.com for more information on this news.

Shares of Heineken dropped 3.8 percent in Amsterdam after Fomento Economico Mexicano, a Mexican bottler and retailer, said it sold a 5.24 percent stake in the world's No. 2 brewer for about 2.5 billion euros (US$3 billion).

US stocks gain as all three main indexes close at records
U.S. stocks gain as all three main indexes close at records

A separate report released by the Labor Department showed increases in United States import and export prices in the month of August. Northrop's shares rose 1.64 per cent. The stock has lost almost 35% thus far this month.

Gold stocks fell though, with Kinross, Alamos and Barrick all declining 1 to 2 per cent.

Shares of Valero Energy Corp. On the Nasdaq, 1,248 issues rose and 977 fell. Morgan Stanley raised its price target on the stock to $194 from $182.

The higher close by the major averages reflected a continuation of the upward momentum seen on Wall Street over the past several sessions.

"There's one school of thought that rates will go up because there's some inflation coming from a very tight labor market and storms that will create very tight demand", said Rick Meckler president of LibertyView Capital Management in Jersey City, New Jersey, regarding Tuesday's boost to bank stocks, which benefit from higher rates.

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