S&P 500 jumps more than 1%, again close to record high
By Caroline Valetkevitch (Reuters) - The S&P 500 jumped on Wednesday, putting it just points away from its record closing high in a broad rally led by tech stocks.
By Caroline Valetkevitch
(Reuters) - The S&P 500 jumped on Wednesday, putting it just points away from its record closing high in a broad rally led by tech stocks.
After closing lower on Tuesday amid worries over a stalemate in U.S. fiscal stimulus bill talks, the S&P 500 was up more than 1% in afternoon trading and once again within striking distance of its record high close of 3,386.15 from Feb. 19, before the onset of the coronavirus crisis in the United States that caused one of Wall Street's most dramatic crashes in history.
Heavyweights Microsoft Corp
"We're seeing buyers show up very quickly, any chance they get when the market declines. To me, that's a very bullish sign," said Adam Sarhan, chief executive of 50 Park Investments in New York.
The Nasdaq was the first of the three major indexes to bounce back to an all-time high in June. The Dow remains roughly 6% below its February peak.
With a better-than-feared second-quarter earnings season largely over, investors are preparing for the risk of a contested U.S. presidential election in the fall.
Democratic candidate Joe Biden on Tuesday picked Senator Kamala Harris as his choice for vice president.
Meanwhile, a breakdown in bipartisan talks over the next federal aid bill to help tens of millions of Americans suffering in the coronavirus pandemic entered a fifth day, with neither side ready to resume negotiations.
The Dow Jones Industrial Average <.DJI> rose 273.69 points, or 0.99%, to 27,960.6, the S&P 500 <.SPX> gained 48.82 points, or 1.46%, to 3,382.51 and the Nasdaq Composite <.IXIC> added 237.44 points, or 2.2%, to 11,020.26.
Latest data showed U.S. consumer prices increased more-than-expected in July, but high unemployment is likely to keep inflation under control, allowing the Federal Reserve to continue pumping money into the economy.
Advancing issues outnumbered declining ones on the NYSE by a 1.69-to-1 ratio; on Nasdaq, a 1.21-to-1 ratio favored advancers.
The S&P 500 posted 31 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 21 new lows.
(Additional reporting by Medha Singh and Ambar Warrick in Bengaluru; Editing by Arun Koyyur, Uttaresh.V and Tom Brown)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.