Breaking News
0

S&P touches record high, equals longest-ever bull run

Stock MarketsAug 21, 2018 04:26PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Traders work on the floor of the NYSE in New York

By April Joyner

NEW YORK (Reuters) - The benchmark S&P 500 touched a record high on Tuesday and equaled its longest-ever bull-market run, as U.S. stocks rose on earnings reports in the consumer sector and relative calm in the trade dispute between the United States and China.

The S&P (SPX) rose as much as 0.6 percent to a record intraday high of 2,873.23 points, topping its previous record high of 2,872.87 on Jan. 26, though it closed below both those marks.

The index's bull-market run is now 3,452 days old and on Wednesday would become the longest such streak in history, at least for some market watchers.

Trade-sensitive industrial stocks rose for the fourth consecutive session as investors remained optimistic that the United States and China could move closer to settling their trade dispute. The S&P 500 industrial index (SPLRCI) rose 0.8 percent.

The S&P consumer discretionary index (SPLRCD) climbed 0.9 percent as shares of off-price retailer TJX Companies Inc (N:TJX) rose on strong results and Toll Brothers Inc's (N:TOL) encouraging quarterly report boosted shares of homebuilders.

"We've got good momentum, which is fundamentally justified by the strong economy and better earnings," said Kevin Caron, senior portfolio manager at Washington Crossing Advisors in Florham Park, New Jersey. "Investors still seem relatively optimistic about growth, and you're seeing that expressed in the market today."

The Dow Jones Industrial Average (DJI) rose 63.6 points, or 0.25 percent, to 25,822.29, the S&P 500 (SPX) gained 5.91 points, or 0.21 percent, to 2,862.96 and the Nasdaq Composite (IXIC) added 38.17 points, or 0.49 percent, to 7,859.17.

The small-cap Russell 2000 index (RUT), which is less affected by global tariff disputes than its large-cap peers, ended the session up 1.1 percent at a record closing high.

The S&P 500 energy index (SPNY) rose 0.5 percent and the S&P 500 materials index (SPLRCM) gained 0.4 percent, in tandem with higher prices for oil and metals.

Helping commodity prices was a drop in the dollar after President Donald Trump said he was "not thrilled" with the Federal Reserve for raising rates and that the central bank should do more to help him boost the economy.

The criticism came ahead of the release of the Fed's minutes of its August policy meeting on Wednesday, which is expected to reaffirm its confidence in the U.S. economy and its commitment to future rate hikes.

Toll Brothers shares jumped 13.8 percent after the homebuilder reported better-than-expected quarterly results. Shares of its industry peers PulteGroup (N:PHM), Lennar (N:LEN) and D.R. Horton (N:DHI) also rose between 3.8 percent and 5.5 percent.

TJX shares climbed 4.7 percent, ending the session at a record closing high, after the retailer topped quarterly comparable-store sales estimates and raised its full-year earnings forecast.

But shares of Coty Inc (N:COTY) tumbled 7.1 percent after the beauty products maker missed sales estimates for the first time in six quarters.

Advancing issues outnumbered declining ones on the NYSE by a 1.88-to-1 ratio; on Nasdaq, a 2.32-to-1 ratio favored advancers.

The S&P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 164 new highs and 32 new lows.

Volume on U.S. exchanges was 5.86 billion shares, compared with the 6.49 billion average over the last 20 trading days.

(Graphic: S&P 500 sets new all-tme high: https://reut.rs/2LdK88Q)

S&P touches record high, equals longest-ever bull run
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Ilya Atomiq
Ilya Atomiq Aug 21, 2018 1:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Peace and prosperity to the world, ******* trade wars!
Arthur Thompson
Arthur Thompson Aug 21, 2018 9:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
AS for optimism on the trade talks, who is talking of that. Trump has stated in his recent tweet, he has no confidence in these trade talks, and that he is like them, in it for the long haul...I would think, that as Trump complains of China and Europe of their currency practices, this is because the lower currencies there are giving them a benefit with trade, despite the tariffs. Hoping for a lower dollar to turn the tide. lol
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email