MARKET SNAPSHOT: S&P, Dow Industrials Touch Record Levels In Stock Run-up
July 12 2016 - 10:19AM
Dow Jones News
By Ellie Ismailidou and Sara Sjolin, MarketWatch
Oil gains, U.K. political developments boost risk appetite
The S&P 500 and the Dow industrials on Tuesday soared to new
heights as stocks got a boost from a rise in oil prices and
stronger-than-expected earnings from Alcoa Inc.
Meanwhile, the Nasdaq Composite Index erased all of its losses
in 2016 to join the Dow and the S&P 500 in positive territory
for 2016, up 0.3%.
The S&P 500 , which closed at a fresh record for the first
time in nearly 14 months, extended its rally, rising 12 points, or
0.6%, to 2,149. Energy companies were leading the gains, advancing
1.8%, boosted by a sharp rise in oil prices .
Three of the S&P's 10 sectors were in negative
territory--utilities and consumer-staples, off 1.1% and 0.5%
respectively. Both sectors traditionally are viewed as safety plays
in times of market turmoil.
The Dow Jones Industrial Average added 101 points, or 0.6%, to
18,330, trading above its closing record set in May 2015 and
briefly hitting an intraday record of 18,353.76. Goldman Sachs
Group Inc.(GS) was adding more than 20 points to the blue-chip
gauge, while Coca-Cola Co.(KO) was the worst performer, down
0.7%.
Meanwhile, the Nasdaq advanced 36 points, or 0.7%, and was
trading in positive territory, up 0.3%, for the first time in
2016.
A stronger-than-expected second-quarter report from Alcoa Inc.
(AA)--viewed as the unofficial kickoff of the earnings season--also
engendered optimism on Wall Street, as investors continued to bask
in the glow of Friday's solid nonfarm payrolls report.
Markets in the U.S. and Europe on Monday were also encouraged by
news that U.K. Home Secretary Theresa May will become the new
British prime minister
(http://www.marketwatch.com/story/andrea-leadsom-drops-bid-to-become-uks-next-prime-minister-2016-07-11-7103452),
avoiding months of uncertainty over who would take over after David
Cameron.
(END) Dow Jones Newswires
July 12, 2016 10:04 ET (14:04 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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