This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-37044697
The article has changed 3 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Dow, S&P and Nasdaq all hit new record highs | |
(35 minutes later) | |
All three major US indexes hit record highs - the first time they have done so on the same day since 1999 - as oil and retail stocks found favour. | |
The Dow Jones rose 117.8 points, or 0.6%, to 18,613.5. | The Dow Jones rose 117.8 points, or 0.6%, to 18,613.5. |
The wider S&P 500 index climbed 10.3 points to 2,185.7, while the Nasdaq was 23.8 points higher at 2,185.7. | The wider S&P 500 index climbed 10.3 points to 2,185.7, while the Nasdaq was 23.8 points higher at 2,185.7. |
A stock market rally since late June has pushed the S&P up 7% in 2016, helped by better-than-expected quarterly results. | |
However, some investors are concerned about high valuations. The S&P 500 is now priced at about 17 times expected profits, compared with a 10-year average of 14 times, according to Thomson Reuters data. | |
"I'm a bit surprised to see us hitting record highs again," said Randy Frederick of Charles Schwab in Austin. "We are pretty topped out and we should move sideways for awhile." | |
Oil prices spiked 4%, with US crude reaching $43.37 a barrel and Brent crude rising to $45.89 a barrel. | Oil prices spiked 4%, with US crude reaching $43.37 a barrel and Brent crude rising to $45.89 a barrel. |
Earlier Saudi Arabia's energy minister suggested that petroleum suppliers should cut production to help rebalance global oil prices. | Earlier Saudi Arabia's energy minister suggested that petroleum suppliers should cut production to help rebalance global oil prices. |
Shares of Chevron climbed 1.3%, while Exxon Mobil was 0.4% higher. | Shares of Chevron climbed 1.3%, while Exxon Mobil was 0.4% higher. |
Shares in Macy's jumped 17% after the department store chain said like-for-like sales fell by less than expected in the most recent quarter and announced plans to shut 100 stores. | Shares in Macy's jumped 17% after the department store chain said like-for-like sales fell by less than expected in the most recent quarter and announced plans to shut 100 stores. |
Rival department stores also saw their share prices climb. Nordstrom's and Dillard's both rose more than 7.5%. | Rival department stores also saw their share prices climb. Nordstrom's and Dillard's both rose more than 7.5%. |
Retailer Kohl's jumped 16% after its profits came in above Wall Street's expectations. | Retailer Kohl's jumped 16% after its profits came in above Wall Street's expectations. |
Chinese e-commerce giant Alibaba rose 5% after reporting a 50% increase in quarterly revenues. | Chinese e-commerce giant Alibaba rose 5% after reporting a 50% increase in quarterly revenues. |