S&P 500, Nasdaq end at record highs as banks lead rally

Elias Hubbard
September 13, 2017

Apple's shares had a volatile afternoon and were last down 0.3 percent at $160.95, below a session high of $163.96, as investors reacted to its unveiling of the 10th anniversary edition of the iPhone. Financial stocks rose due to support from upward movement in Treasury yields on Tuesday.

"It's a better environment for risk assets".

The Nasdaq gained 22.02 (+0.34 percent) to close at 6,454.28, while the S&P 500 finished at 2,496.48, up 8.37 (+0.34 percent) from its open.

The gains came on the heels of a solid rally Monday after Hurricane Irma caused less damage in Florida than feared, and as anxiety about North Korea's nuclear programme diminished.

"A lot of it is the realization that the latest hurricane wasn't as devastating in the U.S.as people feared", said Tim Ghriskey, chief investment officer of Solaris Asset Management in NY.

On the macroeconomic calendar, the producer price index is at 1330 BST, while EIA crude oil stocks data is at 1530 BST.

Apple saw some of the steepest losses in opening trade.

"There were no blockbuster surprises although what they're doing with the products is all pretty good", said Ghriskey.

McDonald's Corporation (NYSE:MCD) is among the worst stocks on the S&P 500 today, and is leading the Dow laggards, down 3.3% at $156.21, amid reports of a lackluster third-quarter sales estimate from MScience. On September 12, nine out of the S&P 500's 11 major sectors moved higher.

The NASDAQ Composite Index and the Dow Jones Industrial Average also started the day higher and closed the day at fresh highs.

Also, Goldman Sachs unveiled a growth plan that could add as much as $5 billion in revenue annually.

Shares in real estate and utility firms lagged.

About 5.91 billion shares changed hands on USA exchanges, above the 5.79 billion 20-day average.

Other reports by Click Lancashire

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