US STOCKS-Wall St at record highs, Dow tops 19,000 for first time

Published 22-11-2016, 08:29 pm
© Reuters.  US STOCKS-Wall St at record highs, Dow tops 19,000 for first time

* Three major indexes also hit all-time highs on Monday

* S&P 500 tops 2,200 mark, boosted by consumer stocks

* Dollar Tree, Signet reports boost consumer discretionary

* Medtronic drops on weak reports, weighs on health sector

* Indexes up: Dow 0.2 pct, S&P 0.2 pct, Nasdaq 0.32 pct (Updates to open)

By Yashaswini Swamynathan

Nov 22 (Reuters) - Wall Street's three main indexes hit records again on Tuesday, with the Dow topping 19,000 points for the first time ever, as the Donald Trump-fueled rally continued, with investors buying into a market primed to benefit from his pro-growth policies.

The Dow, S&P 500, Nasdaq and small cap Russell 2000 .RUT indexes all closed at record highs on Monday, the first such instance since December 1999.

Trump's promises of tax cuts, higher spending on infrastructure and simpler regulations in the banking and healthcare industries have led a rally, especially in those sectors, since the election on Nov. 8.

"Optimism is returning because of the potential that exists in the form of fiscal stimulus, infrastructure spending and tax cuts and is renewing confidence on the part of investors and consumers," said Robert Pavlik, chief market strategist at Boston Private Wealth in New York.

The consumer discretionary sector .SPLRCD was up 0.66 percent, leading the gainers among the 11 major S&P sectors, boosted by strong reports from Dollar Tree and Signet Jewelers.

The healthcare sector .SPXHC was the only laggard, dropping 0.74 percent, weighed down by Medtronic.

At 9:32 a.m. ET (1432 GMT) the Dow Jones Industrial Average .DJI was up 37.39 points, or 0.2 percent, at 18,994.08, easing after hitting an all-time high of 19,013.12.

The S&P 500 .SPX was up 4.46 points, or 0.2 percent, at 2,202.64. It hit a record level of 2,203.53.

The Nasdaq Composite .IXIC was up 16.93 points, or 0.32 percent, at 5,385.79, after touching a high of 5,390.23.

"The rally has been broad based with not any one sector being left behind and that's a very positive sign for the markets," Pavlik said.

The S&P 500 financial sector .SPSY has risen more than 11 percent since the election, leading the gainers among the 11 major sectors. Industrials .SPLRCI have increased 5.6 percent.

Dollar Tree DLTR.O surged more than 10 percent surged 9.4 percent to $89.64 after the biggest U.S. dollar-store chain reported a better-then-expected quarterly profit. SIG.N also rose 10 percent after the jeweler reported a smaller-than-expected drop in same-store sales and raised its profit forecast.

Medtronic MDT.N tumbled 7.5 percent to $74.5 after the medical device maker reported quarterly revenue that missed expectations and cut its full-year adjusted earnings forecast. issues outnumbered decliners on the NYSE by 1,983 to 668. On the Nasdaq, 1,304 issues rose and 964 fell.

The S&P 500 index showed 37 new 52-week highs and one new lows, while the Nasdaq recorded 120 new highs and six new lows.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.