After a sluggish start, the stock market posted a sharp advance in Tuesday’s session powered by unrelenting investor optimism ahead of earnings season. The S&P 500 rose +0.39% making this the sixth straight session of gains since the start of the year. Healthcare and banks were the best movers while techs, telecoms and energy underperform.
NASDAQ was up +0.09% at close supported by biotechs. The tech-laden index was up +2.24% over five days. The Dow finished ahead +0.42% buoyed by Boeing which catapulted +2.87% after it said it delivered a record 763 commercial aircraft, meeting its forecast. It had jetliner orders in 2017 totalling $134.8bn. General Electric also rose +1.53% and Goldman Sachs was up +0.85%.
Telecoms and real estate led the declining sectors down -1.76% and -1.08% respectively. Winning sectors were healthcare up +1.13% and financials up +0.79%. Individual issues Boston Scientific led the gainers up +8.33% and Illumina added +6.93%.
Among the losers were Micron Technology which fell -5.66%, Cisco Systems fell -0.63% and Intel -2.50%. In other news, gold under pressure from a stronger dollar. The Bloomberg Dollar Index Spot was up +0.16% at 92.50. Gold fell -0.45% to $1,314 per ounce. The greenback rose against the Japanese yen +0.5% to ¥112.58. The pound dipped slightly -0.2% to $1.354.
- Dow 25,387.45 +0.41%
- S&P 500 2,751.41 +0.13%
- NASDAQ 7,163.58 +0.09%
- Russell 2000 1,562.16 +0.03%
- NYSE Composite 12,154.82 +0.18%
- Gold 1,314.5 -0.45%
- Oil WTI $62.92 +1.93%
- 10-Year Treasury 2.54 -0.58%
US crude jumped 1.9% to $62.92 a barrel, its highest in three years as OPEC cuts take effect and the expectation of US crude inventories have declined for the eighth week, ahead of the US government inventory report due on Wednesday.
Russia and OPEC have extended cuts to 2018 to deal with the glut of oil. WTI crude touched $63.24 a three-year high before closing the session rising $1.23 to $62.96 a barrel.
International brent crude also had a session high of $69.08 and closed up +1.5% at $68.82 a barrel as reported by Reuters.
A Bannon and Breitbart apart
Another spark added to the Fire and Fury maelstrom as former White House chief strategist, Steve Bannon, stepped down from his role as executive chairman of right-wing news outlet, Breitbart News on Tuesday.
The news was released on Breitbart's web site. CEO Larry Solov said, “Steve is a valued part of our legacy, and we will always be grateful for his contributions, and what he has helped us to accomplish.”
Bannon's resignation comes after a series of revelations in the book by Michael Wolff with comments from Bannon about Trump's scions, Donald Trump Jnr and Ivanka Trump along with her husband Jared Kushner.
Bannon attempted an apology on Monday saying that the comments in the book were not about Donald Trump Jnr but referred to Paul Manafort and that he regretted delaying his response. At the time of publishing Trump had not responded by tweet.