(For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in a news window)
* Apple rises on reports of orders for 75 mln 5G iPhones
* Zoom surges after raising annual revenue forecast
* Walmart (NYSE: WMT ) advances after unveiling membership plan details
* Indexes up: Dow 0.21%, S&P 0.33%, Nasdaq 1.03% (Updates to early afternoon)
By Medha Singh and Devik Jain
Sept 1 (Reuters) - The S&P 500 and the Nasdaq hit new highs on Tuesday with the tech-heavy index boosted by Apple and Zoom Video, while better-than-expected U.S. manufacturing sector data fueled optimism around a post-pandemic economic recovery.
Apple Inc AAPL.O gained 2.9%, rising for the second straight day after its stock split took effect. A report also said the company had asked suppliers to make at least 75 million 5G iPhones for later this year. Video Communications Inc ZM.O surged 38.6% after the video-conferencing platform raised its annual revenue forecast by more than 30% as it converted more of its huge free user base to paid subscriptions. are limited options where you can buy growth, because the country is slowly reopening and tech does the best in the slow growth economy," said Thomas Hayes, managing member at Great Hill Capital LLC in New York.
ISM data showed U.S. factory activity expanded for the third straight month to a reading of 56.0 in August, the highest since November 2018. The figures follow encouraging manufacturing surveys from China and Europe earlier in the day. employment continued to lag, according to ISM data, supporting views that the labor market recovery was losing momentum. Investors will keep a close eye on the monthly U.S. jobs report due on Friday. Street's main indexes recorded their fifth straight monthly gain on Monday, riding on massive central bank support, U.S. government aid and demand for tech-focused stocks.
While the Nasdaq and the S&P 500 have scaled all-time highs recently, the blue-chip Dow is still about 3.5% below its February peak.
"The biggest struggle for the economy is going to be getting back to full employment the way you had it before," said Jimmy Lee, chief executive officer of Las Vegas-based asset manager Wealth Consulting Group.
Prospects that Senate Republicans will unveil a new coronavirus relief bill next week also boosted sentiment. politics will take center stage in the coming weeks. Republican president Donald Trump, who is running for re-election against Democratic presidential nominee Joe Biden, has seen his polling gap with the former vice president narrow recently. 12:32 p.m. ET, the Dow Jones Industrial Average .DJI was up 60.10 points, or 0.21%, at 28,490.15, the S&P 500 .SPX was up 11.69 points, or 0.33%, at 3,512.00. The Nasdaq Composite .IXIC was up 120.90 points, or 1.03%, at 11,896.36.
Walmart Inc WMT.N rose 5.4% after the retail giant unveiled the perks of its new loyalty program, Walmart Plus. Inc TSLA.O fell 2.3% after the electric-car maker announced plans to raise up to $5 billion through a share sale program a day after its 5-for-1 stock split. issues outnumbered decliners by a 1.36-to-1 ratio on the NYSE and matched them on the Nasdaq.
The S&P index recorded 27 new 52-week highs and no new low, while the Nasdaq recorded 83 new highs and 31 new lows.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.