S&P 500, Nasdaq closed high on strong US earnings reports
The S&P 500 index and the Nasdaq reached record closing highs after better than expected earnings reports eased economic slowdown concerns.
The benchmark index closed at new highs on Tuesday, just 0.3% below its intra-day record of 2,940.91.
The S&P rose 17% this year, boosted by a dovish Fed Reserve and hopes of a US-China trade resolution.
Analysts predict more earnings reports later in the week could continue to push the index above its record highs.
The Dow Jones Industrial Average rose 145.34 points, or 0.55%, to 26,656.39, the S&P 500 gained 25.71 points, or 0.88%, to 2,933.68 and the Nasdaq Composite added 105.56 points, or 1.32%, to 8,120.82.
ASX200
IG market analyst says that the ASX 200 will follow on from Wall street’s gains.
‘In light of Wall Street’s quick-sip of euphoria, SPI Futures are suggesting that the ASX 200 will back up yesterday’s strong showing and add around 20 points at today’s open.’ Mr. Rodda said.
It comes after the ASX demonstrated signs of robustness during Tuesday’s session, with breadth solid at 76%, every sector in the green, and the major energy, mining and financials stocks all adding substantially to the index.
The ASX 200 was pushed beyond the 6300 level, recording highs not seen since September 2018.
Better than expected earnings
Ten of the 11 major S&P sectors were higher, with a rebound in healthcare, which gained 1.6%, while the consumer staples sector was the only S&P sector that ended the day lower as investors favoured riskier bets.
Twitter Inc Inc shares soared 15.6% after the social media company posted better-than-expected quarterly revenue, while Hasbro Inc rose 14.2% after it reported a surprise strong quarterly profit.
Coca-Cola rose 1.7% after its quarterly sales beat estimates, helped in part by strong demand for Coke Zero.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Act on share opportunities today
Go long or short on thousands of international stocks with spread bets and CFDs.
- Get full exposure for a comparatively small deposit
- Trade on spreads from just 0.1%
- Get greater order book visibility with direct market access
See opportunity on a stock?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See opportunity on a stock?
Don’t miss your chance – upgrade to a live account to take advantage.
- Trade a huge range of popular stocks
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See opportunity on a stock?
Don’t miss your chance. Log in to take advantage while conditions prevail.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
