Dow's gains led by shares of Caterpillar, Cisco Systems, Boeing and Apple
U.S. stocks closed higher on Tuesday, 22 August 2017 with the Dow industrials and the Nasdaq turning in their best session in months, as a surge in appetite for technology shares and health-care stocks underlined a measure of bullishness returning to markets after a rough patch. Both the Dow and the S&P 500 logged their second straight daily gain, while the Nasdaq snapped a three-session skid.
The Dow Jones Industrial Average rallied 196.14 points, or 0.9%, to close at 21,899.89. The S&P 500 index rose 24.14 points, or 1%, to finish at 2,452.51. The tech-laden Nasdaq Composite Index rallied 84.35 points, or 1.4%, to close at 6,297.48.
The day's gains were broad, with ten out of 11 primary S&P 500 sectors rising. The biggest sector gainers were in tech while health care and materials both gained 1.2%.
Dow's gains were led higher by shares of Caterpillar, Cisco Systems, Boeing and Apple.
Economic data at Wall Street showed that the FHFA Housing Price Index for June rose 0.1%. The prior month's reading was revised to 0.3% (from 0.4%).
Also Read
Traders and investors showed caution ahead of the Fed's three-day Jackson Hole, Wyoming, economic policy symposium of global central bankers beginning Thursday. Financial markets will be looking for hints from central bankers on any changes to monetary policy. Higher rates tend to boost the dollar, cutting demand for gold investors using other currencies.
Bullion prices ended lower at Comex on Tuesday, 22 August 2017. Gold prices fell on Tuesday, as strength in the U.S. dollar pressured the precious metal into giving back all of the previous session's gains and then some. The decline for prices comes just a day after gold settled at its highest level in almost three months, boosted by investor demand for the perceived safety of the precious metal.
On Tuesday, gold for December delivery fell $5.70, or 0.4%, to settle at $1,291 an ounce. It settled at $1,296.70 on Mondaythe highest settlement since early June, up 0.4%, or $5.10. September silver fell 3.3 cents, or 0.2%, to $16.982 an ounce.
In the bond market, U.S. Treasuries tumbled across the yield curve with longer-dated issues settling at their session lows. The benchmark 10-yr yield climbed four basis points to 2.22% while the 2-yr yield advanced three basis points to 1.32%.
The U.S. Dollar Index jumped 0.5% on Tuesday, reclaiming all of Monday's slide.
Crude oil prices ended higher on Tuesday, 22 August 2017 buoyed by expectations that U.S. government data this week will show that domestic supplies of crude oil fell for an eighth-consecutive week.
The September contract for West Texas Intermediate crude oil which expired at Tuesday's settlement, rose 27 cents, or 0.6%, to settle at $47.64 a barrel on the New York Mercantile Exchange, after slumping 2.4% on Monday. The new front-month October contract advanced 30 cents, or 0.6%, to finish at $47.83 a barrel.
Volumes, however, were below average even for August. At the close 2.76 billion shares traded hands on the New York Stock Exchange, while 1.59 billion shares traded on the Nasdaq.
On Wednesday, investors will receive just two pieces of economic data -the weekly MBA Mortgage Applications Index and July New Home Sales (consensus 615K). The two reports will cross the wires at 7:00 ET and 10:00 ET, respectively.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content