S&P 500 index holds steady after run to record
By Chuck Mikolajczak NEW YORK (Reuters) - The benchmark S&P 500 was little changed on Tuesday, pausing after growing expectations of a trade deal between the United States and China helped boost the three main U.S. stock indexes to record highs in the previous session. While there was growing optimism over a deal, investors have also shown caution, pushing up value stocks over growth names over the past few sessions
By Chuck Mikolajczak
NEW YORK (Reuters) - The benchmark S&P 500 was little changed on Tuesday, pausing after growing expectations of a trade deal between the United States and China helped boost the three main U.S. stock indexes to record highs in the previous session.
While there was growing optimism over a deal, investors have also shown caution, pushing up value stocks over growth names over the past few sessions. The Russell 1000 value <.RLV> index has climbed nearly 2% over the past three sessions compared to a gain of 0.8% for the Russell 1000 growth <.RLG> index.
Keeping some tentativeness intact, China is pushing President Donald Trump to remove more tariffs as part of the "phase one" deal, which may be signed this month, according to latest reports.
"It’s a classic fear of either missing out but you maybe want to take some profits," said Thomas Martin, senior portfolio manager at Globalt Investments in Atlanta, Georgia.
"You made some money and you have to be careful here, but you have to be careful both ways, because there really has been a shift in the growth and value thing just this month, in favor of large cap value."
Financials <.SPSY>, a big weight for value stocks, were the best performing S&P sector, up 0.71% as benchmark U.S. Treasury yields hit a six-week high. In contrast, the rate-sensitive real estate sector <.SPLRCR> dropped 1.72%.
The Dow Jones Industrial Average <.DJI> rose 76.89 points, or 0.28%, to 27,539, the S&P 500 <.SPX> lost 0.29 points, or 0.01%, to 3,077.98 and the Nasdaq Composite <.IXIC> added 11.89 points, or 0.14%, to 8,445.09.
The S&P 500 and the Nasdaq closed at record highs for a second session on Monday, while the Dow hit a record high for the first time since July.
Apart from hopes of a resolution to the trade war, stocks have received a boost from a largely better-than-expected third-quarter earnings season, the Federal Reserve's interest rate cut and upbeat economic data.
Data on Tuesday showed the reading on the ISM services index improved to 54.7 in October from 52.6 in September, above expectations of 53.4, according to economists polled by Reuters, easing concerns that a slowdown in the manufacturing sector was spreading to other parts of the economy.
Over three quarters of S&P 500 companies that have reported results so far have beaten profit expectations, Refinitiv data showed. Earnings for the quarter are now expected to dip 0.8%, an improvement from the 2.2% decline expected on Oct. 1.
A 2.53% rise in Boeing Co's
Helping the Nasdaq advance was Adobe Inc
Uber Technologies Inc
Declining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.23-to-1 ratio favored advancers.
The S&P 500 posted 58 new 52-week highs and no new lows; the Nasdaq Composite recorded 144 new highs and 33 new lows.
(Reporting by Chuck Mikolajczak; Editing by Bernadette Baum)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
ANKARA (Reuters) - Turkey's daily death toll from the coronavirus hit a record high of 141 on Friday, according to data from the Health Ministry, as the country braced for nationwide measures amid a surge in cases in recent weeks. The data showed 5,103 new COVID-19 patients were recorded in the country, while the overall death toll rose to 12,084. Since July, Ankara has only reported symptomatic COVID-19 patients, a move critics say hides the true scale of the outbreak.
TBILISI (Reuters) - A gunman has released unharmed all nine hostages he had taken at a microfinance organisation in the Georgian capital Tbilisi on Friday, police said. According to preliminary information, the gunman was not demanding a ransom but had some social demands, including lower prices for medicines
By Matthias Williams KYIV (Reuters) - Thousands of people silently raised their arms in the air, held flowers aloft and broke into chants outside a church in Minsk on Friday at the funeral of a Belarusian protester. The death of 31-year-old Roman Bondarenko has become a flashpoint in months-long mass protests against President Alexander Lukashenko. Witnesses said Bondarenko was detained after a scuffle with people in plain clothes who came to a playground to remove red-and-white ribbons representing the protest movement