S&P rides financials further into record territory
- A broad rally pushed stocks higher without the help of the usual
high-flying names, although buying trailed off into the close.
- The S&P closed up 0.2% and pushed above 3,500 for the first time
intraday.
- Financials (NYSEARCA:XLF) were the best-performing sector as banks
responded to a bounce in rates. The 10-year Treasury yield climbed 5
basis
points to 0.74%, where it hasn't been since mid-June. The rally was
spurred
by the Fed officially changing its stance on how it treats the 2%
inflation target.
- The Dow closed up 0.6%. It saw a better performance thanks to a rise
in Goldman Sachs and a jump in Microsoft and Walmart, which are teaming
up for a TikTok bid.
- The Nasdaq lost 0.3%. Facebook slumped, giving back some of its big
two-day rally, which left Communications Services (NYSEARCA:XLC)
trailing. But it was just one of three sectors to finish in the red.
- In economic data, July pending home sales echoed new home sales and
surged. But weekly jobless claims underscored plenty to be done to move
the needle in the labor market.
- Among commodities, spot gold fell 1% on climbing rates. Crude futures
lost
0.9%, with Hurricane Laura less likely to constrain supply at a time of
high inventories.
|Today, 4:02 PM|5 Comments
- A broad rally pushed stocks higher without the help of the usual
high-flying names, although buying trailed off into the close.
- The S&P closed up 0.2% and pushed above 3,500 for the first time
intraday.
- Financials (NYSEARCA:XLF) were the best-performing sector as banks
responded to a bounce in rates. The 10-year Treasury yield climbed 5
basis
points to 0.74%, where it hasn't been since mid-June. The rally was
spurred
by the Fed officially changing its stance on how it treats the 2%
inflation target.
- The Dow closed up 0.6%. It saw a better performance thanks to a rise
in Goldman Sachs and a jump in Microsoft and Walmart, which are teaming
up for a TikTok bid.
- The Nasdaq lost 0.3%. Facebook slumped, giving back some of its big
two-day rally, which left Communications Services (NYSEARCA:XLC)
trailing. But it was just one of three sectors to finish in the red.
- In economic data, July pending home sales echoed new home sales and
surged. But weekly jobless claims underscored plenty to be done to move
the needle in the labor market.
- Among commodities, spot gold fell 1% on climbing rates. Crude futures
lost
0.9%, with Hurricane Laura less likely to constrain supply at a time of
high inventories.
|Today, 4:02 PM|5 Comments
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