|Day's Range||26,280.76 - 26,464.41|
|52 Week Range||22,219.11 - 26,616.71|
Many Americans are using their homes as leverage to help pay their bills
Two of the major equity indices are really "pushing it," surging up toward resistance levels. All of the major equity indices closed higher Tuesday with positive internals and on higher trading volumes and at the upper end of their intraday ranges. No support/resistance levels were violated, although the S&P 500 (see below) and Dow Jones Industrial Average closed at their respective resistance levels.
Financial stocks traded broadly higher, with the group the biggest gainer among the S&P 500's 11 sectors, as the jump in Treasury yields helped provide a boost to the banks. The SPDR Financial Select Sector ETF ran up 1.5% toward a six-month high, with 62 of 68 equity components trading higher. Among the Dow Jones Industrial Average's financial components, J.P. Morgan Chase & Co.'s stock was up 2.5% to be the Dow's biggest gainer and Goldman Sachs Group Inc.'s stock climbed 2.3%. The combined price gains of those stocks adding about 55 points to the Dow's price, which was up 212 points. Elsewhere, shares of Bank of America Corp. rallied 2.3%, of Citigroup Inc. hiked up 2.6% and of Wells Fargo & Co. rose 1.2%. The yield on the 10-year Treasury note rose 3.7 basis points to a four-month high of 3.085% after better-than-expected housing starts data. Higher Treasury yields can give a boost to bank earnings, because that can increase the spread between what the banks make on longer-term assets and what they pay for shorter-term liabilities.
The Dow Jones Industrial Average jumped by more than 200 points in late-morning trade Wednesday, as the broader market appeared to shake off worries about U.S.-China tariff tensions. The Dow was up about 200 points, or 0.8%, at 26,444, putting the blue-chip benchmark less than 0.7% short of its all-time high of 26,616.71, which was hit on Jan. 26. The Dow is the only U.S. equity benchmark, among the big three, that hasn't put in a new peak since stocks, including the S&P 500 index and the Nasdaq Composite Index , slumped sharply beginning in early February.
U.S. stocks trade mostly higher on Wednesday, in the latest example of investors ignoring escalating tensions between the U.S. and China on trade policy to focus instead on improving economic fundamentals.
U.S. housing starts in August jumped 9.2% from July's pace. was up 1.9%, rebounding from declines on Tuesday following news the company was facing a criminal probe following statements from CEO Elon Musk. Wall Street Overview Stocks were mixed on Wednesday, Sept. 19, and global stocks were mostly higher amid signs the U.S. and China could be prepared to broker an agreement in their ongoing trade war.
The S&P 500 and the Dow Jones Industrials Average rose on Wednesday, helped by upbeat housing data and a gain for bank stocks driven by rising Treasury yields, while a drop in Microsoft pressured the tech-heavy Nasdaq. The benchmark 10-year U.S. Treasury yield moved back above the symbolic 3 percent mark on Tuesday and hit its highest in four months on Wednesday, while two-year rates reached 2.8 percent, the highest in over a decade.
Shares of Microsoft Corp. fell 1.4% in morning trade to pace the Dow Jones Industrial Average's decliners, as part of broad weakness in the technology sector. The stock's weakness had little effect on the Dow's price, however, as the price decline shaved about 11 points off the Dow, which was rallying 173 points. Separately, Amazon.com Inc. was on track to pass Microsoft as the third largest digital ad platform in the U.S., according to eMarketer data. The blue-chip barometer's other tech members were mostly lower. Apple Inc.'s stock shed 1% to be the second-biggest loser, Cisco Systems Inc. shares slipped 0.5% and Intel Corp.'s stock eased 0.1%. The SPDR Technology Select Sector ETF slumped 0.7%, as 59 of 77 equity components declined.
An exchange-traded fund that tracks the S&P 500 but weights each of the index's components equally hit a record on Wednesday, in the latest sign that the market's uptrend has been fairly broad-based. The Invesco S&P 500 Equal Weight ETF rose 0.2% on Wednesday and was on track for its second straight record close. The fund is up 7% thus far this year, below the 8.7% rise of the unadjusted S&P 500 , where the influence of each individual component on the overall index is dictated by their market capitalization. The S&P overall has been supported in large part by the outperformance of large-cap technology and internet stocks, a group often referred to as the FAANG stocks. The concentration of those gains have had some investors concerned about market breadth, but the rally in the equal-weighted ETF suggests a good deal of the market is participating in the rally. Since the start of July, 10 of the 11 S&P 500 sectors are in positive territory. Recent gains in the market have come as investors shrug off signs of escalating tensions between the U.S. and China on trade policy, focusing instead on strong corporate profits and improving economic data. The Dow Jones Industrial Average rose 0.6% on Wednesday while the S&P rose 0.1%. The Nasdaq Composite Index fell 0.3%, pressured by weakness in tech stocks.
Live from the floor of the New York Stock Exchange, Yahoo Finance's Jared Blikre joins Alexis Christoforous to discuss the latest moves.
Live from the floor of the New York Stock Exchange, Yahoo Finance's Jared Blikre joins Seana Smith and Dion Rabouin to discuss the latest moves.