Having clocked intraday highs earlier on Monday, all three major US indices held on to their gains and closed at record levels.
The S&P 500 ended the day 0.2 per cent higher at 2,557.64 — led by a 0.8 per cent gain in the telecoms sector — which rebounded following last week’s slide driven by news of AT&T’s video subscriber loss — and a 0.6 per cent rise in financials.
The Dow Jones Industrial Average climbed 0.4 per cent to 22,956.96, while the Nasdaq Composite rose 0.3 per cent to 6,624.00.
Elsewhere, the yield on the US 10-year Treasury, which moves inversely to price, rose 2.7 basis points to 2.300 per cent. Meanwhile the dollar index, a gauge of the buck against a basket of peers, rose 0.2 per cent to 93.29.
US equities are ending August on an upbeat note.
All three major equity indices ended the last day of the month solidly in the black — including a fresh closing high for the Nasdaq — in addition to posting across-the-board monthly gains.
The Dow Jones Industrial Average ended the day up 0.27 at 21,952. It also notched its fifth straight monthly gain with the addition of 0.28 per cent, leaving March as its only losing month so far in 2017.
The S&P 500 ended the day up 0.57 per cent at 2,471.6, thanks in part to strong gains in tech and healthcare stocks. It just barely eked out a monthly increase of 0.05 per cent to mark its fifth straight month of gains.
The Nasdaq continued its winning week with a daily gain of 0.95 per cent to 6,428. That pushes the tech-heavy index up to a monthly gain of 1.27 per cent in August, its second winning month in a row.
The gains come on the heels of strong economic data and ahead of US jobs data due out Friday morning. Political tensions have been simmering all summer but seemed to edge down slightly towards the end of the month, even as a relatively strong earnings season comes to a close.
US stocks ended the day lower on Friday as the rally triggered by the firing of Donald Trump’s chief strategist Stephen Bannon proved short-lived.
The S&P 500 closed down 0.2 per cent at 2,425.55, its lowest closing level in six weeks in a choppy day of trading.
Having spent the morning in the red, the benchmark index jumped to advance by as much as 0.4 per cent in midday trading following news of Mr Bannon’s departure.
Investors had hope the firing of the former Breitbart News chief and the chief proponent of “economic nationalism” would temper the more radical elements in the Trump administration.
That optimism quickly retreated as the White House formally launched an investigation into Chinese intellectual property theft, in a move that risks provoking Beijing and paving the grounds for the start of a trade war between the two countries.
The Dow Jones Industrial Average closed down 0.4 per cent at 21,674.51, a two-and-a-half week low. The Nasdaq Composite retreated 0.1 per cent at 6,216.527 – its weakest close since July 11.
Gold, which came off a 12 month high, reversed a 1 per cent gain to end the session down 0.2 per cent at $1,285.06 per troy ounce.
The S&P 500 has climbed to an all-time high on the back of a heavy day of corporate results highlighted by well-received reports from McDonald’s and Caterpillar and gains for bank shares.
On Tuesday the Nasdaq also managed to set a record high despite declines in Google parent Alphabet after its results. Alphabet shares ended down 2.9 per cent.
Shares of McDonald’s rose 4.8 per cent after the fast-food chain reported strong global sales. Caterpillar shares surged 5.9 per cent after the heavy equipment maker raised its full-year outlook for the second time this year.
Data showing a jump in US consumer confidence amid optimism over the labour market added to the bullish sentiment.
The Dow Jones Industrial Average rose 100.26 points, or 0.47 per cent, to 21,613.43, the S&P 500 gained 7.17 points, or 0.29 per cent, to 2477.08 and the Nasdaq Composite added 1.37 points, or 0.02 per cent, to 6412.17.
What sell-off? In a feat that has not been accomplished in more than a week, the S&P 500 on Wednesday notched a fresh record closing high.
The S&P 500 gained 0.25 per cent to 2,404, the Dow Jones Industrial Average added 0.36 per cent to 21,012.4, and the Nasdaq Composite gained 0.44 per cent to 6,163.
Last week, equities markets took a blow from rising concern over the political fortunes of US President Donald Trump.
The former businessman’s election last year helped stoke sharp gains for equities on expectations that his policies will support corporate America. That enthusiasm has ebbed and flowed as Mr Trump has struggled to dig-out of numerous scandals.
Still, after Wednesday’s gains, the most recent bout of selling has been entirely reversed and then some. The S&P 500 index is up 7.4 per cent for the year.
Investors on Wednesday parsed through minutes from the Federal Reserve’s May meeting, which set the table for next month’s meeting, which could see it raise rates for the second time this year. Investors interpreted the news as dovish on margin, however, with the US dollar slipping 0.26 per cent against a basket of six peers.
The yield on the benchmark 10-year Treasury note fell 0.0298 per cent to 2.2502 per cent.
The Standard & Poor’s 500 index rose 7.73 points, or 0.3 percent, to 2,372.60. The Dow Jones industrial average gained 44.79 points, or 0.2 percent, to 20,902.98. The Nasdaq composite added 22.92 points, or 0.4 percent, to 5,861.73.
Stocks had mostly fallen since March 1, the day indexes soared to their most recent record highs.
Overall it was a slow week for stocks. The current bull market had its eighth anniversary, but six-week winning streaks for the S&P 500 and Nasdaq ended, and the Russell 2000 index of small-company stocks took its biggest loss in three months.
U.S. employers added 235,000 jobs in February, according to the Department of Labor. The gains in hiring and pay, along with higher consumer and business confidence since the November election, could lift spending and investment in coming months and accelerate economic growth.
A poor jobs report was probably the last thing that could have stopped the Federal Reserve from raising interest rates next week.
The Trump Rally is back on again.
Wall Street didn’t get the nitty gritty details it wanted on policies such as tax reform and trade from President Trump Tuesday night in his speech to Congress, but the commander-in-chief’s “presidential” tone set investors at ease and they pushed the Dow up more than 300 points to a record-setting close above 21,000.
Investors are taking Trump’s measured and positive demeanor as a sign that he will have a better chance of getting his economic agenda through Congress.
In his address to a joint session of lawmakers, Trump reiterated his push for “historic tax reform” that will put American businesses on a level playing field with foreign competitors, repeated his calls for a $1 trillion infrastructure spending plan and noted that his administration has “undertaken a historic effort to massively reduce job‑crushing regulations.” The president also repeated his promise to repeal and replace Obamacare.
Wall Street was also listening for the things Trump didn’t say. He didn’t echo recent attacks on the media, complain about fake news or mention spats with celebrities and other topics considered “off message.”
Global equities are in virgin territory after Wall Street closed at another record amid a positive outlook for economic growth.
Political concerns leave the euro carrying the wooden spoon in the forex markets, while the broadly upbeat tone damps demand for sovereign bonds, pushing up yields.
The FTSE All-World equity index is at another record, up 0.2 per cent to 295,24, as investors are buoyed by signs of improvement in the global economy.
A batch of national and regional manufacturing and service sector surveys released on Tuesday provided the latest evidence that activity is picking up.
With US stocks making up about 50 per cent of the All-World, it is Wall Street that is the main driver of the global rally.
Stocks jumped to new record highs and the Dow shot past 20,600 on Wednesday after more reports showed the U.S. economy continues to strengthen.
The Dow Jones industrial average climbed 107 points, up 0.5% to a new closing high of 20,611.86.
Also building upon their record highs set in the previous session were the S&P 500 and Nasdaq composite, up 0.5% to 2349.25 and 0.6% to 5819.44, respectively.
The encouraging data could push the Federal Reserve to raise interest rates more aggressively from the record lows marked during the Great Recession.
Wednesday’s economic reports give the Federal Reserve more encouragement to raise interest rates, and economists said the possibility is increasing that it may happen at the central bank’s next meeting in March. Retailers had stronger sales in January than economists expected, and inflation at the consumer level was the highest in years. Consumer prices rose 2.5% in January from a year earlier, the highest rate since March 2012.
Fed Chair Janet Yellen said in testimony before a Congressional committee that the strengthening job market and a modest move higher in inflation should warrant continued, gradual increases in interest rates, echoing her comments from a day earlier. The central bank raised rates in December for just the second time in a decade, after keeping rates at nearly zero to help lift the economy out of the Great Recession.
Stocks closed out the week in a strong fashion Friday as the Dow, S&P 500 and Nasdaq all jumped to new all-time highs in the market’s push further into record territory.
The Dow Jones industrial average rose 96.97, or 0.5%, to close at a record 20,269.37, according to preliminary calculations. The Standard & Poor’s 500 index gained 8.23 points, or 0.4%, to 2316.10 and the Nasdaq composite index added 18.95, or 0.3%, 5734.13. Both the S&P and Nasdaq were up for a fourth straight day.
Miners and other raw materials companies led the market rally and rising crude oil prices also gave energy companies a big boost. Investors kept their focus on strong company earnings and corporate deal news.
Investors have focused on companies quarterly results lately as they size up corporate America’s growth prospects. Earnings are on track to mark the second-consecutive quarter of growth after a losing streak of five straight quarters. Beyond earnings, investors are also eying Washington D.C. for signs the Trump administration will deliver on the promised business-friendly policy proposals that helped drive a market rally last fall, including slashing government regulations and taxes.
Benchmark U.S. crude was up 91 cents, or 1.7%, at $53.91 a barrel in New York. The contract rose 66 cents on Thursday. Brent crude, the benchmark for international oil prices, was up $1.05, or 1.9%, at $56.68 a barrel in London.