Posted on 08/07/2018 8:47:02 AM PDT by Olog-hai
U.S. stocks are rising again Tuesday as strong company earnings lift the market. The benchmark S&P 500 index is up for the fourth day in a row and fifth out of the last six. Technology companies and banks are making some of the largest gains. Overseas markets are also higher.
The S&P 500 index jumped 10 points, or 0.4 percent, to 2,860 as of 10 a.m. Eastern time. The Dow Jones Industrial Average gained 146 points, or 0.6 percent, to 25,648. The Nasdaq composite rose 26 points, or 0.3 percent, to 7,886. The Russell 2000 index of smaller-company stocks climbed 7 points, or 0.4 percent, to 1,691.
The S&P 500 is trading at its highest levels since Jan. 26, when it closed at an all-time high. After that it dropped 10 percent in nine days as investors worried about signs that inflation was accelerating. That hasn’t materialized, but trade fears have weighed on the market since then.
Arts and crafts marketplace Etsy surged 11.2 percent to $47.20 after it reported stronger sales than analysts anticipated and raised its forecasts for the year. Rental car company Hertz also did better than Wall Street expected, and its stock soared 17.9 percent to $18.47.
Technology stocks, which tumbled last month after weak results from companies including Facebook and Twitter, continued to make a gradual recovery. Alphabet, Google’s parent company, rose 1.5 percent to $1,256.30.
Among financials, Charles Schwab added 1.2 percent to $50.99. …
(Excerpt) Read more at apnews.com ...
I thought tech stocks were supposed to be tanking because of Trump.
Notice that the AP did not assign credit to anyone. Staying “carefully neutral” here. Of course, if such a thing happened during the last administration, guess who they would be writing hymns to.
Keep feeding that tech beast!
And choke on the “returns”, suckers.
CNN The Hardest Hit
The tech stocks have huge market caps, so are a major part of the S&P 500. Just as long as regular investments like 401K contributions flow into S&P 500 index funds, the techs will continue to go up.
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