Wal-Mart rally pushes Dow to all-time high
The Dow Jones Industrial Average hit a record high on Tuesday, helped by a surge in Wal-Mart Stores, while Amazon and Facebook lost ground and investors focussed on upcoming quarterly reports.
That helped the S&P 500 consumer staples index <.splrcs> jump 0.99 percent, although gains in that sector were limited by P&G
Third-quarter corporate reporting season kicks into high gear on Thursday with results from JPMorgan Chase
Wall Street has mostly shrugged off recent saber-rattling between the United States and North Korea, as well as a lack of progress by President Donald Trump in delivering promised corporate tax cuts.
"The only fear in this market is the fear of missing out," said Dennis Dick, a proprietary trader at Bright Trading LLC in Las Vegas. "But things can change quickly. There`s stuff out there, like North Korea. You still have to be cautious."
The Dow Jones Industrial Average <.dji> rose 0.31 percent to 22,830.68 points, a record-high close. It is up 15.5 percent in 2017.
The S&P 500 <.spx> gained 0.23 percent to 2,550.64 and the Nasdaq Composite <.ixic> added 0.11 percent to 6,587.25.
The tech index <.splrct>, the best performing among the 11 major S&P sectors this year, was mostly unchanged, with Facebook falling 0.53 percent and Nvidia
Energy stocks <.spny> got a boost from a near 2-percent rise in oil prices supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply.
Advancing issues outnumbered declining ones on the NYSE by a 1.90-to-1 ratio; on Nasdaq, a 1.58-to-1 ratio favoured advancers.
About 5.6 billion shares changed hands on U.S. exchanges, well below the 6.1 billion daily average for the past 20 trading days, according to Thomson Reuters data.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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