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Wall Street ends at record highs; energy, materials climb
Posted On Aug 15 2016
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The Dow Jones industrial average unofficially rose 59.51 points, or 0.32 per cent, to 18,635.98, the S&P 500 gained 6.08 points, or 0.28 per cent, to 2,190.13 and the Nasdaq Composite added 29.12 points, or 0.56 per cent, to 5,262.02.
Aug 15 Usa stocks rose again to all-time highs on Monday, extending their record-setting climb of the past few weeks as a rally in oil lifted energy shares, while materials also gained. The S&P 500 Index closed up 6.10 points or 0.3% at 2,190.15.
The Philadelphia semiconductor index, up 1.4 percent, touched a 16-year high, while the Nasdaq Biotech Index was up 0.9 percent. Apple rose 1.2 per cent. According to financial research firm FactSet, putting Wall Street on course for its fifth consecutive quarter of year-over-year decline in earnings.
The S&P 500 posted 34 new 52-week highs and no new lows; the Nasdaq Composite recorded 149 new highs and 25 new lows. Copper futures added 0.42 percent to $2.1605.
Valeant rose 5.5 percent to $26.29 after Mizuho upgraded the stock to “neutral” from “underperform”. The Fed said in its post-meeting statement that “near-term risks to the economic outlook diminished” which sparked speculation that policymakers could raise rates as soon as September. The pan-European FTSE 300 edged up 0.02 per cent. “Historically low mortgage rates, increased household formations and a firming labor market will help keep housing on an upward path during the rest of the year”.
The Empire State manufacturing index (http://www.marketwatch.com/story/empire-state-index-swings-back-to- negative-ground-2016-08-15) for August fell to negative 4.2 from 0.6 in July, the fourth time this year the reading has been in negative territory. Cotton futures fell more than 2.50 percent to $68.86.
The expectation for continued loose monetary policy and appetite for stocks pushed U.S. Treasury prices down, with benchmark yields rising from near two-week lows.
“In our view, a renewed price correction can not be ruled out if market participants start focusing on the supply side again, for the latest drilling activity figures in the US cast doubts that the oversupply is really being eroded”, Commerzbank analyst Carsten Fritsch said in a note.
