Wall Street’s major indexes inched higher on Tuesday, extending their record-setting rally, as strong housing and manufacturing data bolstered investors’ confidence in the U.S. economy.
The benchmark S&P 500 hit a record high for a fourth straight session, building on its 27% gain this year, which has been driven by progress toward a U.S.-China trade agreement, a dovish Federal Reserve and upbeat economic indicators.
U.S. housing starts increased more than expected in November, and building permits rose that month to the highest level since May 2007… “Most of the data is showing that the global economy is stabilizing and the U.S. economy is on a solid footing,” said Keith Lerner, chief market strategist at Truist/SunTrust Advisory Services in Atlanta. “The market has been repricing the odds of a recession risk lower.”
The Dow Jones Industrial Average rose 31.27 points, or 0.11%, to 28,267.16, the S&P 500 gained 1.07 points, or 0.03%, to 3,192.52 and the Nasdaq Composite added 9.13 points, or 0.1%, to 8,823.36. The S&P 500 financial index .SPSY, which tends to be economically sensitive, rose 0.5% to a record high on the upbeat data… Apple Inc shares touched a record high and ended with marginal gains, up 0.2%.
MacDailyNews Take: More excellent news for Apple amid the holiday shopping season!