US close: Dow ends above 19,000 for the first time
US stocks ended in the black on Tuesday, with the Dow Jones closing above 19,000 for the first time ever, although oil prices retreated amid concerns that Iran and Iraq are not prepared to agree on a production cut at next week’s OPEC meeting.
The Dow Jones Industrial Average ended up 0.4% to finish at 19,023.87, the S&P 500 rose 0.2% to a record 2,202.94 and the Nasdaq gained 0.3% to a record 5,386.35.
Spreadex’s Connor Campbell said: “The one big event this afternoon was the striking, however brief, 19,000 by the Dow Jones. Though it has only managed a 0.2% to 0.3% rise after the bell that was all it took to take the US index above that landmark level, a price is has teased ever since its initial rampage post-election.
“As to what is actually sending it higher despite the dollar taking half a percent back off the pound, it seems that Trump’s promise to exit the Trans-Pacific Partnership agreement might have caused investors to cheer the potential safeguarding of jobs in the US (whether or not that will be the result is another discussion altogether).”
Oil prices settled mixed, with West Texas Intermediate down 0.7% at $47.92 a barrel and Brent crude up 0.3% at $49.04. Earlier in the day, WTI hit a high of $49.20 amid growing expectations that OPEC member states would agree to cut production, along with non-OPEC Russia, at the cartel’s next meeting on 30 November.
The spike in WTI coincided with a report that a Nigerian delegate had said that all OPEC members were likely to "be on board by the end of the day" following a second day of technical meetings.
However, oil prices came off later in the day following a report by Bloomberg indicating that Iran, Iraq and Indonesia had reservations regarding a proposed 4.5% production cut by all members except Libya and Nigeria.
In currency markets, the dollar was up 0.3% versus the yen, 0.1% firmer against the euro and 0.6% stronger versus the pound as investors bet the Federal Reserve will hike rates next month.
On the data front, the National Association of Realtors revealed that existing home sales rose to their highest level in nearly a decade in October due to increased demand.
Sales of previously owned homes were at a seasonally adjusted annual rate of 5.6m, 2% higher than in September and 5.9% higher than a year ago. This exceeded forecasts of 5.42m.
In corporate news, Dollar Tree surged as the discount chain store owner beat expectations, while Barnes & Noble rose sharply as the bookseller’s second-quarter loss was smaller than expected.
Campbell Soup rallied as its profit topped third-quarter forecasts, while Hormel Foods advanced as it posted a rise in fourth-quarter profit and issued upbeat guidance for 2017.
Dr Pepper Snapple was also in the black after it announced a $1.7bn deal to buy antioxidant-infused drinks maker Bai Brands.
On the downside, cyber-security company Palo Alto Networks tumbled as it reported late on Monday that quarterly revenue growth slowed.
Medical devices maker Medtronic fell after its quarterly sales missed expectations and the company cut its profit outlook.
S&P 500 - Risers
United States Steel Corp. (X) $32.21 +11.92%
Dollar Tree Inc (DLTR) $88.68 +8.16%
VF Corp. (VFC) $58.05 +4.97%
Urban Outfitters Inc. (URBN) $39.01 +4.95%
Nucor Corp. (NUE) $62.31 +4.44%
Analog Devices Inc. (ADI) $72.89 +4.40%
Freeport-McMoRan Inc (FCX) $15.12 +4.20%
Monster Beverage Corp (MNST) $45.26 +3.83%
CBRE Group Inc (CBG) $29.70 +3.74%
Campbell Soup Co. (CPB) $57.02 +3.60%
S&P 500 - Fallers
Patterson Companies Inc. (PDCO) $39.56 -16.73%
Medtronic Plc (MDT) $73.60 -8.66%
Mosaic Company (MOS) $27.37 -5.78%
NRG Energy Inc. (NRG) $10.91 -5.30%
Tenet Healthcare Corp. (THC) $16.14 -5.11%
Endo International Plc (ENDP) $16.25 -4.97%
CF Industries Holdings Inc. (CF) $28.39 -4.95%
Edwards Lifesciences Corp. (EW) $85.04 -4.66%
Abbott Laboratories (ABT) $38.10 -4.18%
Cognizant Technology Solutions Corp. (CTSH) $53.18 -3.48%
Dow Jones I.A - Risers
Verizon Communications Inc. (VZ) $49.49 +2.44%
Home Depot Inc. (HD) $130.98 +2.15%
Boeing Co. (BA) $149.52 +1.70%
Intel Corp. (INTC) $35.48 +1.43%
Unitedhealth Group Inc. (UNH) $152.26 +1.23%
E.I. du Pont de Nemours and Co. (DD) $70.91 +1.20%
Wal-Mart Stores Inc. (WMT) $70.12 +1.08%
General Electric Co. (GE) $31.18 +1.00%
Nike Inc. (NKE) $51.71 +0.84%
Caterpillar Inc. (CAT) $93.62 +0.78%
Dow Jones I.A - Fallers
Visa Inc. (V) $79.93 -2.15%
Johnson & Johnson (JNJ) $112.74 -1.97%
Merck & Co. Inc. (MRK) $61.70 -0.96%
Pfizer Inc. (PFE) $31.33 -0.76%
Cisco Systems Inc. (CSCO) $29.89 -0.53%
International Business Machines Corp. (IBM) $162.67 -0.06%
Nasdaq 100 - Risers
Dollar Tree Inc (DLTR) $88.68 +8.16%
Analog Devices Inc. (ADI) $72.89 +4.40%
Monster Beverage Corp (MNST) $45.26 +3.83%
Tesla Motors Inc (TSLA) $191.14 +3.59%
Charter Communications Inc. (CHTR) $272.98 +3.36%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $258.39 +2.94%
Henry Schein Inc. (HSIC) $152.92 +2.94%
Broadcom Limited (AVGO) $177.02 +2.57%
Symantec Corp. (SYMC) $25.11 +2.41%
Liberty Interactive Corporation QVC Group (QVCA) $21.56 +2.33%
Nasdaq 100 - Fallers
Cognizant Technology Solutions Corp. (CTSH) $53.18 -3.48%
Intuitive Surgical Inc. (ISRG) $640.21 -3.30%
Activision Blizzard Inc. (ATVI) $37.17 -3.28%
Vertex Pharmaceuticals Inc. (VRTX) $86.20 -3.20%
Celgene Corp. (CELG) $120.97 -2.57%
Biomarin Pharmaceutical Inc. (BMRN) $85.43 -2.37%
Seagate Technology Plc (STX) $38.96 -2.16%
Illumina Inc. (ILMN) $134.75 -2.04%
Regeneron Pharmaceuticals Inc. (REGN) $398.97 -1.61%
Shire Plc Ads (SHPG) $172.65 -1.41%