Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Overnight Markets: Dow and S&P 500 close at record highs again

Overnight Markets: Dow and S&P 500 close at record highs again

The Dow Jones and the S&P 500 closed at record highs again on Tuesday, while the Nasdaq declined further, dragged down by Cisco shares.

The Dow Jones industrial average rose 20 points or 0.12%, to 16,715, its third straight record closing high. The Dow also set an intraday record at 16,736.

The S&P 500 gained one point or 0.04%, to 1,897, its second straight record closing high. The S&P 500 also advanced during the session to 1,902, a lifetime intraday high. The Nasdaq Composite dropped 14 points or 0.33%, to 4,130.

Homebuilders' shares gained and the common stock of mortgage finance giants Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) jumped as Federal Housing Finance Agency Director Mel Watt laid out new policies that could make it easier for many Americans to obtain mortgages. Fannie Mae jumped 7.8% while Freddie Mac advanced 6.9%.

Among homebuilders, the stock of D.R. Horton Inc (DHI.N) rose 2.2%.

Cisco Systems Inc (CSCO.O), set to report results on Wednesday, was the biggest drag on the Nasdaq. The stock slid 1.4%.

In deal news, Keurig Green Mountain Inc (GMCR.O) became the S&P 500's biggest percentage gainer, up 7.6%, after Coca-Cola Co (KO.N) said it will raise its stake in the company, the maker of the popular Keurig one-cup coffee brewer, to 16% from 10%.

DirecTV (DTV.O) shares slipped 1.2% a day after sources told Reuters that AT&T Inc (T.N) was in active talks to buy the company in a deal that could be worth close to $50 billion. AT&T's stock dropped 1%.

In the latest economic data, retail sales rose 0.1% in April, less than expected, though the March reading was revised upward.

In Asia, shares gained on Wednesday in late morning trade after US equity gauges held at record highs and investors weighed earnings.

The MSCI Asia Pacific Index rose 0.3 percent to 139.72 as of 10:56 a.m. in Tokyo. Japan’s Topix index added 0.1% as the yen traded at 102.20 per dollar after falling a third day yesterday. South Korea’s Kospi index rose 0.7%. Australia’s S&P/ASX 200 Index fell 0.2% and New Zealand’s NZX 50 Index added 0.2%.

Taiwan’s Taiex index advanced 0.1%, while Singapore’s Straits Times Index increased 0.9% as the market reopened following a holiday. Hong Kong’s Hang Seng Index advanced 0.3%, while the Shanghai Composite Index was little changed.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Liontrust ESG head says sustainable investment doesn't mean low return

Liontrust ESG head says sustainable investment doesn't mean low return

Peter Michaelis talks about ethical investment growth and where he sees future opportunites.

Play Are platforms the biggest barrier to wealth manager ETF take-up?

Are platforms the biggest barrier to wealth manager ETF take-up?

Citywire hosted a roundtable discussion to find out how and if wealth managers are using ETFs in their clients' portfolios and the challenges they face trading through different platforms.

Play SVM's Veitch on what's next for banks

SVM's Veitch on what's next for banks

SVM fund manager Neil Veitch is finding value in what he describes as unstable financials and talks through his favourite small caps.

Read More
Your Business: Cover Star Club

Profile: UBS' robo boss on what his tween can teach the industry

Profile: UBS' robo boss on what his tween can teach the industry

Co-head of UBS SmartWealth Shane Williams explains the simple life lessons missed by the first wave of robo pioneers

Wealth Manager on Twitter