Stocks' Modest Gains Give Nasdaq, S&P 500 Records
U.S. stocks edged higher Tuesday, pushing the S&P 500 and the Nasdaq Composite to new records, after a choppy trading session that saw many major sectors swing between losses and gains.
The broad benchmark index ticked up 1.19 points, or less than 0.1%, to close at 4291.80, after wobbling between gains and losses for parts of the afternoon. The gain marked the S&P 500’s 33rd record close of the year—a figure that ties the number seen in all of 2020.
The Nasdaq Composite also rallied Tuesday, rising 27.83 points, or 0.2%, to 14528.33, marking the technology-heavy index’s 19th record close of the year. The Dow Jones Industrial Average, meanwhile, added 9.02 points, or less than 0.1%, to finish at 34292.29. The index of blue-chip stocks remains 1.4% away from its last record closing high reached in early May.
All three major indexes finished Tuesday off their session highs. Earlier in the day, economically sensitive stocks rallied after private research group The Conference Board said its index of consumer confidence rose in June, beating analysts’ expectations. The survey, which offers insight into Americans’ willingness to spend on goods and services, found that consumers are optimistic about business conditions and their own financial prospects in the months ahead.
Additional housing data released Tuesday also added to that sentiment, with new data showing that U.S. home prices surged at their fastest pace ever in April. Shares of home builders including PulteGroup and Lennar finished the day higher, rising 2% and 0.8%, respectively.
Published at Tue, 29 Jun 2021 21:13:00 +0000