Nasdaq sees good gains, DOW corrects

US indices saw mixed movement on Tuesday. While the tech-heavy Nasdaq showed hit a new record closing high, the Dow closed lower, coming off the record highs. The Nasdaq jumped 145.56 points or 0.8 percent to 18,712.75, extending its winning streak to four days. The S&P 500 also added 9.40 points or 0.2 percent to 5,832.92, but the Dow fell 154.52 points or 0.4 percent to 42,233.05. The Nasdaq surged ahead of the release of earnings news from big-name tech companies. Semiconductor stocks saw strong move to the upside, driving the Philadelphia Semiconductor Index up by 2.3 percent. Housing stocks fell, with the Philadelphia Housing Sector Index plunging by 2.3 percent.

 

On the economic front, a report released by the Conference Board on Tuesday showed a substantial improvement by U.S. consumer confidence in the month of October. The Conference Board said its consumer confidence index surged to 108.7 in October after falling to a revised 99.2 in September. The Conference Board said the present situation index, which is based on consumers' assessment of current business and labor market conditions, spiked to 138.0 in October from 123.8 in September.

The Labor Department released a report on Tuesday showing a decrease by job openings in the U.S. in the month of September. The report said job openings fell to 7.44 million in September from a downwardly revised 7.86 million in August.

A slew of key U.S. economic readings are also due in the coming days, while the Federal Reserve is set to meet next week. Third-quarter gross domestic product data is due on Thursday, while PCE price index data- the Federal Reserve's preferred inflation gauge- and nonfarm payrolls data are due on Friday.

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