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Nasdaq Closes Above 8,000 as Stocks Post Modest Advance in Tuesday Trading

1,477

Stocks posted slight gains Tuesday as the Nasdaq Composite Index closed above 8,000 for the first time since October.

Financial companies in the S&P 500 rose 1.4% as a group and were the best performing sector in the index. The Dow Jones Industrial Average and the Nasdaq Composite Index both added 0.3%. The S&P 500 rose fractionally as losses in real estate, healthcare and utilities held back a bigger advance for the S&P 500.

Meanwhile, late in the session Qualcomm (QCOM) jumped after it and Apple (AAPL) agreed to settle all litigation between the companies around the world. The deal includes a payment to Qualcomm from the iPhone maker. Qualcomm surged 23% and was the biggest gaining stock in the S&P 500. Apple was little changed.

Economic news Tuesday was light. The National Association of Home Builders Housing Market Index was 63 for April, in line with expectations, according to Econoday. Industrial production fell 0.1% in March, compared with the consensus expecting a gain of 0.3%, according to Econoday.

Looking ahead to Wednesday’s earnings, Abbott Laboratories (ABT), PepsiCo (PEP) and US Bancorp (USB) are among a host of companies set to report.

US MARKETS

Dow Jones Industrial Average was up 67.89 points (+0.26%) to 26,452.66
S&P 500 was up 1.48 points (+0.05%) to 2,907.06
Nasdaq Composite Index was up 24.21 points (+0.30%) to 8,000.23

GLOBAL SENTIMENT

FTSE 100 was up 33.05 points (+0.44%) to 7,469.92
Hang Seng Index was up 319.15 points (+1.07%) to 30,129.87
Shanghai China Composite Index was up 75.81 points (+2.39%) to 3,253.60

UPSIDE MOVERS

(+) WDC (+4.69%) Deutsche Bank upgrades rating on shares

(+) BLK (+3.25) Posts better-than-expected Q1 results

(+) SGMS (+8.04%) Announces digital sports betting deal with Wynn

DOWNSIDE MOVERS

(-) PKG (-3.52%) BofA-Merrill Lynch cuts rating on stock

(-) BRS (-41.93%) Exercises option to delay interest payment

(-) JBHT (-4.95%) Misses Q1 EPS Wall Street consensus

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