Wall Street ends with 2 record closes and a dip
Nasdaq, S&P 500 boast record closing highs, Dow slips
Comm Svcs leads S&P sector gainers; Utilities weakest group
Dollar ~flat; gold, bitcoin up slightly; crude rallies >2%
U.S. 10-Year Treasury yield rises to ~4.23%
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WALL STREET ENDS WITH 2 RECORD CLOSES AND A DIP
Wall Street's major indexes were a mixed bag on Tuesday with the S&P 500 .SPX and Nasdaq .IXIC both registering record closing highs for the second day in a row, while the Dow .DJI ended down just slightly red.
While it's daily gain was a stingy 0.05%, for the S&P 500 Tuesday marked its 55th record close so far in 2024. Nasdaq, with a 0.4% gain, was boosted most by technology .SPLRCT and communication services .SPLRCL stocks.
The most striking move of the day was in the South Korea ETF EWY.P, which fell 1.6% breaking its volume record after President Yoon Suk Yeol declared martial law in an unannounced late night address then reversed course in a matter of hours after a standoff with parliament - which rejected his attempt to ban political activity and censor the media.
After the reversal, the South Korean won came off a more than two-year low against the dollar.
Meanwhile, in U.S. indexes, among the S&P 500's 11 major industry sectors, communications was the biggest percentage gainer with A&T Inc T.N, that sector's biggest advancer, up 4.6% after an investor conference where it raised the low end of its 2024 adjusted EPS forecast range and forecast free cash flow of more than $18 billion for 2027.
While tech was gaining broadly on the day it had some counter pressure from chip stocks after four of China's top industry associations said on Tuesday Chinese companies should be wary of buying U.S. chips as they are "no longer safe" and buy locally instead, in a rare coordinated response to Washington's curbs on Chinese chipmakers.
Microchip MCHP.O, down 7%, was the biggest decliner in the Philadelphia Semiconductor index .SOX after cutting its third-quarter revenue forecast late on Monday. Intel INTC.O fell 6% a day after it ousted its CEO after less than 4 years.
Here is your closing snapshot:
(Sinéad Carew)
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FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
TRANSPORT STOCKS DRIVING FOR ROUGHEST RIDE SINCE SEPT - CLICK HERE
BOFA CLIENTS KEEP UP THEIR POST-ELECTION BUYING SPREE - CLICK HERE
FED DECISION COULD COME DOWN TO WIRE, NEEDS DATA TO CONFIRM NEXT RATE CUT - CLICK HERE
MIXED JOLTS DATA SUGGESTS SLOW JOB MARKET COOLDOWN - CLICK HERE
WALL STREET INDEXES TAKE A PAUSE - CLICK HERE
RBC'S S&P 500 SECTOR PICKS AND PANS FOR 2025 - CLICK HERE
S&P 500 INDEX BUILDS ON BANNER YEAR, BUT BIG BARRIER LOOMS - CLICK HERE
WHERE HSBC STRATEGISTS COULD BE WRONG NEXT YEAR - CLICK HERE
TRUMP BLOWS UP THE DOLLAR, NVIDIA BALLOONS, OPEC ENDS: SAXO'S 2025 OUTRAGEOUS PREDICTIONS - CLICK HERE
NO RELIEF FOR EUROPEAN AUTOS, SAY UBS, BUT UPGRADE BMW - CLICK HERE
POSITIVELY QUIET - CLICK HERE
EUROPE BEFORE THE BELL: ALL ABOUT FRANCE - CLICK HERE
MORNING BID NOTRE-DAME REBUILT, AS PARIS NEARS COLLAPSE - CLICK HERE
Dow dips while S&P and Nasdaq boast record closing highs https://tmsnrt.rs/3ZgU2hP
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