US Market Indexes Close Higher on Tuesday

Why the Dow is misleading

Why the Dow is misleading

Asian stocks were flat in early trade on Wednesday after Wall Street ended higher, with the S&P 500 index touching a record high on Tuesday, and as lower-level trade talks between the USA and China due this week boost hopes of easing trade tensions.

But S&P futures turned lower on Wednesday morning as markets assessed the possible impact of a guilty plea from Trump's former personal lawyer, and the conviction of former Trump campaign chairman Paul Manafort.

U.S. stocks on Tuesday rose to record highs for the first time since January 26.

BULL MARKET: The S&P 500 index briefly traded at an all-time high Tuesday just as the USA stock market's bull run came closer to becoming the longest on record.

At the close of trading on Wall Street, the S&P 500 was off its high for the day, up 0.18% to 2862.41, the Dow Jones Industrial Average rose 0.25% to 25,822.02 and the tech-heavy Nasdaq Composite was up 0.45% at 7855.01.

Helping commodity prices was a drop in the dollar after President Donald Trump said he was "not thrilled" with the Federal Reserve for raising rates and that the central bank should do more to help him boost the economy.

The Russell 2000 climbed to a record high.

US Has ‘Addiction To Sanctions’, Says Iran
Washington has withdrawn from a deal that had lifted sanctions on Tehran in return for curbs on its nuclear program. The group will be led by Brian Hook, who is now the State Department's director of policy planning.

The S&P consumer discretionary index climbed 0.9% as shares of off-price retailer TJX Companies rose on strong results and Toll Brothers' encouraging quarterly report boosted shares of homebuilders.

Toll Brothers shares jumped 13.8 percent after the homebuilder reported better-than-expected quarterly results. The Nasdaq Composite closed at 7,859.17 for a gain of 38.17 points or 0.49%. Shares of its industry peers PulteGroup PHM.N , Lennar LEN.N and D.R. Horton DHI.N also rose between 4 percent and 6 percent.

S&P 500 earnings grew 23% in the first quarter, the strongest pace in seven years.

Advancing issues outnumbered declining ones on the NYSE by a 1.88-to-1 ratio; on Nasdaq, a 2.32-to-1 ratio favored advancers. Its last all-time high was set June 20. South Korea's Kospi was up 0.3 percent at 2,276.87.

The two-year yield, which rises with traders' expectations of higher Fed fund rates, were at 2.5996 percent Wednesday compared with a US close of 2.608 percent. Brent crude, the standard for worldwide oil prices, gained 11 cents to $72.74 per barrel in London.

The TSX's energy group rose 0.79 points, or 0.40 percent, while the financials sector slipped 1.12 points, or -0.36 percent.

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