Thursday, 23 November, 2017

Dow And S&P 500 Climb To New Record Closing Highs

By Sruthi Shankar By Sruthi Shankar
Preston Stone | 17 September, 2017, 06:55

The benchmark S&P 500 Index (NYSEARCA:SPY) also rose to new records, climbing 0.2% to 2,500.23.

The gauge ended previous year at 2,238.83, sailing past 2,300 on February 9 and crossed 2,400 three months later.

Graphics chip maker Nvidia Corp (NASDAQ:NVDA) was wanted, rising 6.3% to US$180 on the back of a price target rise by Evercore ISI to US$250 from US$180. That took the year-on-year increase to 1.9%, compared with a 1.7% rise in July.

The Nasdaq Composite Index rose 19.38 points, or 0.3%, to close at 6,448.47. The Standard & Poor's 500 index slid 0.1 percent to 2,495.62. Stocks briefly regained traction after the S&P 500 touched Wednesday's low and West Texas intermediate oil futures popped above $50 per barrel, but the momentum evaporated leaving the S&P and Nasdaq to retreat, while the Dow stayed propped up by Boeing.

Geopolitical issues remained in view after North Korea fired a missile over Japan (http://www.marketwatch.com/story/un-security-council-to-hold-emergency-meeting-after-latest-north-korean-missile-test-2017-09-14) for the second time in less than a month, defying rising worldwide efforts to force it to abandon course.

"Investors have been programmed to more or less ignore stuff with Korea".

TRADER TALK: "Risk-off sentiment is at the front and center of markets once again with North Korea's latest missile firing", said Jingyi Pan, market strategist at IG in Singapore.

'At least four dead' after M5 crash
Interstates England said the "early desire" is that the M5 "will stay shut in the two bearings late into tonight". South Western Ambulance Service Trust said a dozen ambulances and a critical care team were working at the scene.

The dollar index fell 0.37 percent, while the euro EUR= up 0.34 percent to $1.1958.

Energy firms were higher, but technology, health care and real estate companies weighed on the markets.

Reports showing an unexpected drop in USA retail sales last month and the first drop in industrial output since January, both in part due to the impact of Hurricane Harvey, were also largely shrugged off by the market. Separately, the Empire State factory gauge hit 24.4 in September, down slightly.

DEAL DEAD: Chipmaker Lattice Semiconductor wobbled after the USA government stopped its sale to a firm backed by the Chinese government because of national security concerns. Both readings included the impact of Hurricane Harvey.

August industrial production figures also fell well short of the mark, dropping by 0.9% month-on-month (consensus: 0.1%), according to figures from the Federal Reserve, as mining and utilities output.

"Valuations are stretched, but I don't believe we're in bubble territory. As we head into earnings season, there's a potential for the market to go even higher", Shah said. "Recent data have been mixed, but given the storms it's hard to read too much into it".

-Victor Reklaitis and Sue Chang contributed to this article.

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