|Day's Range||7,836.7900 - 7,897.6777|
|52 Week Range||6,177.1899 - 7,933.3101|
President Trump demands Fed help on economy and complains about rising interest rate
U.S. stocks moved higher Tuesday afternoon, placing the S&P 500 on track for an all-time high. The benchmark index of large U.S. companies briefly traded just above its last closing high set seven months ago. The latest gains came as investors welcomed solid results from homebuilders, retailers and other companies. Technology stocks and banks also rose.
U.S. stock benchmarks push higher toward new peaks as a recent uptrend put the market on track to extend gains to a fourth straight session.
The S&P 500 index midday Tuesday booked its first intraday record since late January. The S&P 500 index (SPX) hit an intraday peak at 2,873.23, pushing the broad-market benchmark above 2,872.87, which represented its last record on Jan. 26. The S&P 500 and the Dow Jones Industrial Average (DJIA) have been steadily gaining altitude since slipping into correction territory, defined as a drop of at least 10% from a recent peak, on Feb. 8.
The index's bull-market run is now 3,452 days old and on Wednesday will be the longest such streak in history, at least for some market watchers. The Dow Jones Industrial Average was up 128.98 points, or 0.5 percent, to 25,887.67 and the Nasdaq Composite added 75.26 points, or 0.96 percent, to 7,896.27.
The benchmark S&P 500 edged closer to a record high on Tuesday, matching its longest-ever bull-market run, as U.S. stocks rose after some encouraging earnings reports and on hopes that the United States and China could resolve their tariff dispute. At its session high, the S&P 500 was 0.06 percent shy of its Jan. 26 all-time high.
The Dow Jones Industrial Average and the Nasdaq Composite are on the climb too, as if all major benchmark indexes are holding hands to rally into a milestone some investors are celebrating. The Dow Jones Industrial Average has risen more than 100 points, or 0.3%, to 25,835.65. The Nasdaq Composite has gained 0.6% to 7870.56, proving technology stocks still have mettle. The expectation, following Monday's modest gains, seems to be that this bull will break a record on Aug. 22—the day some say this one will lap the 1990-2000 bull market and secure the title for longest secular bull run in history.
Technically speaking, the S&P 500 has nailed major support mid-month and rallied to challenge record highs, writes Michael Ashbaugh.
The dollar weakened on Tuesday after U.S. President Donald Trump slammed the Federal Reserve for raising interest rates, while global equity markets rose as strong economic and earnings growth favored stocks in a relatively benign environment. Trump said in an interview with Reuters on Monday that he was "not thrilled" with the Fed under his appointee, Chairman Jerome Powell, for raising rates and that the U.S. central bank should do more to boost the economy. Trump also accused China and Europe of manipulating their currencies.
Gold prices haven’t been able to catch a break even as geopolitical concerns have become more pronounced. On August 15, gold prices fell to a 19-month low of $1,173 per ounce as the US dollar continued its winning streak. The precious metal appears to have lost some of its safe-haven appeal.
Judging by U.S. stock market performance this week, it appears that at the moment, when investors have relatively little solid news to trade on, their bias seems to be on the optimistic side. On the trade front, although fresh U.S. tariffs on Chinese imports, and retaliatory Chinese duties, are set to take effect this week, that’s been a known quantity for some time.
The Dow Jones Industrial Average on Tuesday is on the brink of bursting out of correction territory for the first time in more than six months, underscoring some signs of renewed optimism on Wall Street.
Barring a breathtaking plunge, the bull market in U.S. stocks on Aug. 22 will become the longest in history, and optimistic investors argue it has miles to go before it rests.
Yahoo Finance's Jared Blikre joins Seana Smith from the floor of the New York Stock Exchange to discuss the latest market moves.