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: S&P 500 closes above 2,000 for first time

Overnight Markets: S&P 500 closes above 2,000 for first time

Wall Street inched higher on Tuesday, sending the Standard & Poor’s 500 Index to close above 2,000 for the first time, as reports showed the biggest ever jump in durable-goods orders and an unexpected increase in consumer confidence.

The Dow Jones industrial average gained 30 points or 0.17%, to end at 17,107. The S&P 500 gained two points or 0.11%, to close at 2,000, a record high. The bourse hit an intraday high of 2,005.04, climbing above the 2,000 mark for the second straight day. The Nasdaq Composite added 13 points or 0.29%, to finish at 4,571.

US consumer confidence rose more than expected in August, climbing to its highest since October 2007, according to the Conference Board.

The Commerce Department reported that US durable goods orders jumped 22.6% in July, the biggest gain on record, though the number was skewed by strong international demand for aircraft.

Energy shares, which closely track the pace of growth, led the day's gain.

Best Buy Co Inc shares slid 6.9% after the electronics retailer reported second-quarter revenue that missed expectations and forecast a drop in same-store sales in the second half of the year. But DSW Inc jumped 9.2% after the shoe and accessory retailer's adjusted quarterly earnings topped forecasts.

Digital Ally Inc extended its meteoric rise, surging another 14.2% on heavy volume. The recent fatal police shooting of an unarmed black teenager in Missouri has fuelled interest in the company's wearable camera.

Amazon.com Inc agreed late Monday to buy live-streaming gaming network Twitch Interactive for about $970 million in cash. Amazon's stock rose 2.3% and gave the biggest boost to the Nasdaq 100 index.

In Asia, shares gained on Wednesday in morning trade after US economic data on durable goods and consumer confidence boosted optimism in the strength of the world’s largest economy.

The MSCI Asia Pacific Index added 0.2% by 10:21 a.m. in Tokyo. In Hong Kong, Hang Seng Index rose 0.24%. In Tokyo, Nikkei Stock Average 225 added 0.06%.

Australia’s S&P/ASX 200 Index climbed 0.1%, even as the price of the nation’s biggest export earner, iron ore, fell a for seventh day at China’s Tianjin port. New Zealand’s NZX 50 Index jumped 0.4%, while the Kospi rose 0.3%, set for the highest close since 4 August.

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 French fund CEOs: 'Brexit is a lose-lose situation for all of us'

French fund CEOs: 'Brexit is a lose-lose situation for all of us'

'We'll all lose out - but London is an international city, Paris is not.' Leading French asset management CEOs tell us what they think Brexit will mean for the investment business.

Play Mark Barnett - part 2: why I'm not buying Lloyds

Mark Barnett - part 2: why I'm not buying Lloyds

In the second part of our exclusive video interview, Barnett explains why he has no intention of buying Lloyds, and where he sees the greatest income opportunities.

Play Wealth managers reveal the best investment ideas of the year

Wealth managers reveal the best investment ideas of the year

From robotics to impact investing, wealth managers share the best ideas they have heard this year.

Read More
Wealth Manager on Twitter