S&P 500 Tiptoes to New Bull Market Record-Sort Of

26 August, 2018, 11:58 | Author: Lora Ball
  • S&P 500 touches record high equals longest-ever bull runMore

The benchmark S&P 500 touched a record high on Tuesday and equaled its longest-ever bull-market run, as USA stocks rose on encouraging earnings reports in the consumer sector and relative calm in the ongoing trade dispute between the United States and China.

The run of 3,453 days without a drop of at least 20 percent, the traditional definition of a bear market, beat the 1990s stretch that ended in the dot-com collapse in 2000.

On Wednesday, the S&P 500 dipped 1 point to 2,861 for the day while the Dow Jones Industrial Average fell 88 points, or 0.3%, to 25,733 and the Nasdaq composite rose 29 points, or 0.4%, to 7,889.

The S&P 500 index rose 8 points, or 0.3 per cent, to 2,865.

Investors had their eye on trade as the USA and China rolled out more tariffs on each other, escalating their trade dispute even as representatives from both nations held their first high-level talks in two months.

Among earnings, retailer TJX rose 4.5 percent, the most on the S&P, after topping quarterly comparable-store sales estimates and raising its full-year earnings forecast.

ENERGY: U.S. benchmark crude rose $1.16 to $67 per barrel in electronic trading on the New York Mercantile Exchange.

Strong corporate earnings growth and a resilient USA economy bolstered by a solid job market and consumer confidence set the stage for the market to continue the upward trajectory it's been on for more than nine years, experts say.

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"Nature and markets both abhor a vacuum", Colas said.

Trump, meanwhile, told an interviewer on Fox that his impeachment would "crash" the stock market. The FTSE 100 index of leading British shares was 0.2 percent higher at 7,582.

The S&P 500 edged down 1 point to 2,861. The Dow Jones Industrial Average has grown around 300 percent.

The criticism came ahead of the release of the Fed's minutes of its August policy meeting on Wednesday, which is expected to reaffirm its confidence in the USA economy and its commitment to future rate hikes. Australia's S&P/ASX 200 lost 0.3 percent to 6,266.00.

The S&P 500 index fell 1.14 points, or 0.04 percent, at 2,861.82.

Williams-Sonoma jumped 10.5 percent after reporting results that beat estimates. The Dow Jones Small-Cap Growth TSM Index closed at 10,701.54 for a gain of 47.13 points or 0.44%.

The S&P 500 posted 21 new 52-week highs and no new lows; the Nasdaq Composite recorded 109 new highs and 22 new lows.

US crude oil rose again and is up 5.9 per cent this week.

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