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US close: Indices at record highs as financials gain, but Apple slips

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US close: Indices at record highs as financials gain, but Apple slips

Tue, 12 September 2017
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US close: Indices at record highs as financials gain, but Apple slips

(ShareCast News) - All three of Wall Street's main indices notched record closing highs on Tuesday as financials were boosted by a strong performance from Goldman Sachs and comments from US Treasury Secretary Steve Mnuchin.
The Dow Jones Industrial Average, the S&P 500 and the Nasdaq rose 0.3% to 21,118.86, 2,496.48 and 6,454, respectively.

Banks gained, with Goldman Sachs leading the charge, up 2.2% after it announced plans to boost revenue, particularly in the fixed income, currencies and commodities division.

Financials also got a lift from Steve Mnuchin, who said at the Delivering Alpha conference hosted by CNBC and Institutional Investors that the White House would deliver on tax reform before the end of 2017.

Furthermore, according to President Donald Trump's point man for finance, the US administration was debating making the reforms retroactive to 1 January, in order to boost growth.

DowDuPont rose 2.5% after saying it was going to make changes to a plan to split itself into three, while Teva Pharmaceuticals rallied 7% after the company announced late on Monday that it was selling its Pargard IUD product to Cooper Cos for $1.1bn.

On the downside, tech giant Apple slipped 0.4% as it revealed its most expensive phone yet, the iPhone X, but said sales will occur in the next fiscal year.

McDonald's retreated 3.2% following a report that a research firm had raised concerns about the company's third-quarter sales.

Tesla edged down 0.3% on the heels of a Bloomberg report that federal investigators were set to recommend that its autopilot feature be declared a contributing factor in a fatal car crash in May 2016.

On the data front, the number of job openings in the States was at 6.2m at the end of July, easily outpacing forecasts for a reading of 5.92m, according to the Federal Reserve's JOLTS survey.

Meanwhile, the NFIB reported a 0.1 point rise in its small business confidence gauge for August to 105.3 versus consensus expectations of 105.0.

In currency markets, the US dollar was mixed, trading up versus the yen but down against the pound after data revealed that inflation in the UK spiked to a six-year high in August, raising expectations that the Bank of England will lift interest rates.

NASDAQ 100 Top Risers

Name Last Chg.% Time
T-Mobile Us, Inc. 64.71 4.71 16:07
Hasbro Inc 95.61 2.54 16:07
Mattel Inc. 15.13 1.75 16:07
Wynn Resorts Ltd. 146.32 1.72 16:07
KLA-Tencor Corp. 102.32 1.40 16:07

NASDAQ 100 Top Fallers

Name Last Chg.% Time
Seagate Technology Plc 31.90 -4.83 16:07
Tesla Inc 375.12 -2.57 16:07
Western Digital Corp. 87.02 -2.42 16:07
O'Reilly Automotive Inc. 205.54 -2.16 16:07
Expedia Inc. 139.22 -2.07 16:07