Record Closing Highs Reached for S&P 500, Nasdaq Composite as Earnings Boost Market
The S&P 500 and Nasdaq Composite Index both closed at new record highs Tuesday as investor appetite for stocks rose after strong corporate profit reports.
The S&P 500 climbed 0.9%, while the Nasdaq gained 1.3%. The S&P 500 eclipsed its previous record of 2,930.75 set in September and the Nasdaq closed above its previous peak of 8,109.69 set in August. The Dow Jones Industrial Average gained 0.6%, but still shy of its all-time closing high of 26,828.39 set last October.
Earnings reports were the market’s focus Tuesday. Several well-known companies, including Twitter (TWTR) and Hasbro (HAS), posted results that beat expectations. United Technologies (UTX) and Coca-Cola (KO) also reported quarterly numbers that exceeded estimates. The healthcare and consumer discretionary sectors were the biggest gainers in the S&P 500.
The market’s swoon from December is seemingly a distant memory as optimism about the trade situation between the US and China, the retreat of the threat of interest rate hikes from the Federal Reserve and a solid economy have helped boost the market so far in 2019.
Looking ahead, the parade of companies reporting earnings continues Wednesday. Boeing (BA), Caterpillar (CAT), and Facebook (FB) are among some of the companies scheduled to post results Wednesday.
In economic news Tuesday, new home sales flew over the consensus estimate for March, with sales coming in at a 692,000 annual rate compared with the 645,000 consensus, according to Econoday.
Dow Jones Industrial Average was up 145.34 points (+0.6%) to 26,656.39
S&P 500 was up 25.71 points (+0.9%) to 2,933.68
Nasdaq Composite Index was up 105.56 points (+1.3%) to 8,120.82
FTSE 100 was up 63.19 points (+0.85%) to 7,523.07
Hang Seng Index was down less than a point to 29,963.24
Shanghai China Composite Index was down 16.45 points (-0.51%) to 3,198.59
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