Wall Street posts record closes as investors digest trade news


“Any kind of uncertainty there, with the market at all-time highs, and it’s easy for traders and institutions to press the sell button and take some money off the table,” said Alan Lancz, president, Alan B. Lancz & Associates Inc, an investment advisory firm, based in Toledo, Ohio.

The latest batch of earnings offered some upbeat news.

The S&P 500 technology index ended up 0.7 per cent, with shares of Qualcomm Inc up 6.3 per cent after it forecast current-quarter profit above analysts’ estimates.

Together with Qualcomm, other chipmakers, which have a sizeable exposure to China, also rose, propping the Philadelphia Semiconductor index up 0.7 per cent.

The trade-sensitive industrials sector finished up 0.2 per cent.

The Dow Jones Industrial Average rose 182.24 points, or 0.66 per cent, to 27,674.8, the S&P 500 gained 8.4 points, or 0.27 per cent, to 3,085.18 and the Nasdaq Composite added 23.89 points, or 0.28 per cent, to 8,434.52.

The day’s gains resumed the recent record run for stocks, which have been bolstered, along with trade deal hopes, by some upbeat earnings.

“Corporate earnings, while down year over year, are better than many had expected, and that’s a plus,” said Oliver Pursche, chief market strategist of Bruderman Asset Management in New York.

Also on Thursday, Ralph Lauren surged 14.7 per cent after it topped second-quarter profit expectations, helped by a tighter control on expenses and strong demand for its Polo shirts and tweed jackets in China and Europe.

On the down side, Expedia Group Inc plunged 27.4 per cent as the online travel booking company missed quarterly profit estimates.

Declining issues outnumbered advancing ones on the NYSE by a 1.06-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.

The S&P 500 posted 54 new 52-week highs and five new lows; the Nasdaq Composite recorded 118 new highs and 85 new lows.

Volume on US exchanges was 7.92 billion shares, compared with the 6.83 billion-share average for the full session over the last 20 trading days.

Reuters



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