While you were sleeping: Wall Street hits record highs for second day
Dow and S&P 500 advance as Nasdaq slips back. With special feature audio.
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Wall Street’s rally that has lifted stocks to record levels continued overnight with the Dow Jones Industrial Average and S&P 500 again closing at fresh highs.
Meanwhile, government bond yields fell again with Germany issuing a 10-year note at negative rates, while gold prices rose and oil fell.
“The tone we’re hearing is not so much the desire to be fully exposed to U.S. stocks as much as it is the fear of being underexposed and missing yield,” Larry Weiss, head of trading at Instinet, told the Wall Street Journal. “We’re not seeing the most committed effort to going long.”
The Dow rose 24.45 points, or 0.1%, to 18,372.12, while the S&P 500 was marginally higher at 2152.43. The Nasdaq Composite Index fell 0.3% to 5005.73, putting it back into negative territory for the year.
The tech-heavy index had closed in positive territory for 2016 for the first time on Tuesday.
Brexit bounce-back
“To see how quickly the US market bounced back after Brexit was a bit of a surprise,” Thomas Wilson, a senior investment manager at Brinker Capital, told the Journal as the UK’s new prime minister, Theresa May, took office.
It took the S&P 500 10 trading days to recoup the losses it incurred after the UK referendum on June 23. It took just an additional session for the index to hit a record.
The US crude oil prices fell 4.4% to $US44.75 a barrel, its lowest settlement since May 10 after federal data had shown domestic inventories of crude oil and refined products were at a record high.
Crude oil is down 7.4% so far this month, as analysts warn refineries may be heading toward a glut of refined fuels.
The Stoxx Europe 600 fell 0.1% as European markets remained steady.
Stocks in Asia gained, boosted by the Japanese government’s plan to roll out ”bold economic stimulus.”
The Nikkei Stock Average rose 0.8%, partly boosted by shares caught up in the Pokemon mania over a new game called Pokemon Go that is sweeping the world.
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Nevil Gibson
Thu, 14 Jul 2016
Thu, 14 Jul 2016
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While you were sleeping: Wall Street hits record highs for second day
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