U.S. Stocks Extend Climb as Dow Sets Record on Bank Stock Rallyby
U.S. stocks climbed as investors bought financial companies, extending the group’s advance to 22 percent since the presidential election.
The S&P 500 Index added 0.4 percent to 2,270.76 by 4 p.m. in New York. The Dow Jones Industrial Average rose 92 points to 19,974 to a record. The Russell 2000 Index of small-cap shares jumped 0.9 percent.
- Financial stocks add 1.1%, with Charles Schwab Corp. and Blackrock Inc. adding at least 2.2%; discretionary shares up 0.8% on Carmax Inc., TripAdvisor Inc.
- Dow gains in Nike Inc. and Goldman Sachs Group of at least 1.6%
- Industrial, telecom shares up at least 0.5%; consumer staples drop 0.3%
- The VIX dropped for a fourth session to 11.45, its lowest close since August
- Strategists on average expect the S&P 500 to end 2017 at 2,356, according to the mean of 15 estimates compiled by Bloomberg; that implies a 4.1% gain from Monday’s close.
- The gauge has advanced 11% this year, putting it among the top four developed-market benchmarks
- The Russell 2000 Index of small-cap firms has climbed almost 15% since the day of the U.S. election. All four major benchmarks reached all-time highs after the vote, with financial firms leading gains on bets higher borrowing costs will boost profitability
- After market Tuesday: Steelcase Inc. (SCS), FedEx Corp. (FDX), NIKE Inc. (NKE)
- Before market Wednesday: Lindsay Corp (LNN), Accenture PLC (ACN), Winnebago Industries (WGO), Finish Line Inc. (FINL), Actuant Corp. (ATU), Paychex Inc (PAYX), Neogen Corp (NEOG)
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