U.S. Equities Climb as S&P 500 at Record on Material Stock Rallyby
U.S. stocks climbed Tuesday as a rally in Freeport-McMoran Inc. led raw material stocks higher and oil prices advanced for a fourth day.
The S&P 500 added 0.7 percent to 2,280.07 at 4 p.m. in New York, surpassing the previous high of 2,276.98 reached on Jan. 6. The Dow Jones Industrial Average, which has hovered below 20,000 since mid-December without crossing it, climbed 0.6 percent to 19,912.71.
- Material shares up 2.5% with a 8.3% rally in Freeport as all but one company in the 25-member index advanced
- Financial stocks rally 1.2% with all but one company in the 63-stock index closing higher; S&P 500 banks add 1.4%
- Energy stocks add 1% with crude oil up 0.7% for fourth day amid President Trump’s comments on North American pipelines
- Phone companies down 2.7% as Verizon drops 4.4% after earnings, the biggest single-day drop for the company since Aug. 2011
- VIX down for second time in six sessions to 11.1, now 27% below the one-year average and the lowest since July 2014
- About 7 billion shares traded hands, most in two weeks
- Treasury Secretary nominee Steven Mnuchin said an “excessively strong dollar” could have a negative short-term effect on the economy; The dollar slumped to the weakest in more than six weeks after the remarks
- So far in the earnings season, about 13% of S&P companies have reported results, with 70% posting better-than-expected profits, according to data compiled by Bloomberg
- After-market Tuesday: Seagate (STX), CA (CA), Discover Financial (DFS), Steel Dynamics (STLD), Navient (NAVI), Alcoa (AA), Stryker (SYK), Intuitive Surgical (ISRG), Capital One (COF), Total System Services (TSS), Texas Instruments (TXN)
- Pre-market Wednesday: Progressive Corp (PGR), Huntington Bancshares (HBAN), McCormick (MKC), Textron (TXT), United Technologies (UTX), Rockwell Automation (ROK), State Street (STT), Boeing (BA), WW Grainger (GWW), Abbott Laboratories (ABT), Hess (HES), Amphenol (APH), Illinois Tool Works (ITW), Norfolk Southern (NSC), Freeport-McMoran (FCX)
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