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So much for seasonal weakness. Investors who greeted the month of September with trepidation, owing to its historically dire performance statistics, need not have worried—at least so far. Not only has a much-feared pullback failed to materialize, but weakness of any type has been in short supply in the U.S. stock market. The Dow Jones Industrial Average DJIA, +0.22% is on track for its eight straight positive session—hitting records in six of those—while both the S&P 500 SPX, +0.14% and the Nasdaq Composite Index COMP, +0.10% have carved out records of their own. With another eight trading days left in the month, the benchmark S&P is up 1.5% for September, while the Dow boasts a 1.9% gain.
Under Armour Inc.'s stock price fell 2 percent Tuesday on concern of a slowdown in the apparel industry. Wells Fargo downgraded the Baltimore sportswear maker to "market underperform" and slashed its stock price target from $17 per share to $13. Shares of Under Armour were down 3 percent in afternoon trading Tuesday to $16.84. Analyst Tom Nikic wrote in a note to investors that the apparel industry "has had a remarkable track record of success over the long term" but "appears poised to take a breather for now." Consumers have "filled their closets with athletic wear," and the industry faces distribution issues because of retailer bankruptcies and store closures, Nikic wrote. Last year, industry
U.S. stocks rose on Tuesday, with the Dow hitting its latest in a string of records as investors awaited the start of a two-day meeting of Federal Reserve policy makers. The Dow Jones Industrial Average DJIA, +0.17% rose 28 points, or 0.1%, to 22,358, hitting an all-time high in early trading. On Monday, the blue-chip average notched its 40th record close of the year. It is currently on track for its eighth straight daily gain, its longest streak since August, as well as its sixth straight record close. The S&P 500 index SPX, +0.12% rose 1.5 point to 2,505, a rise of less than 0.1%. The S&P also ended at a record on Monday, its 35th of 2017, but it is a few points below its own intraday peak.