MARKET SNAPSHOT: Stock Market Sets More Records As S&P 500 Aims For 6-day Win Streak
October 03 2017 - 10:08AM
Dow Jones News
By Victor Reklaitis, MarketWatch , Ryan Vlastelica
Tesla falls after disappointing update on Model 3 production
U.S. stocks rose slightly on Tuesday, nudging major indexes to
another round of all-time highs and setting the S&P 500 on
course for its sixth up session in a row and yet another record
close.
What stock benchmarks are doing
The Dow Jones Industrial Average rose 22 points, or 0.2%, to
22,580. The S&P 500 rose 2 points to 2,531, an increase of
0.1%. Both hit new intraday highs in early trading.
The Nasdaq Composite Index rose 6.8 points, or 0.1%, to 6,523.
The tech-heavy index was a few points away from its own record.
The S&P has gained for five consecutive trading days, its
longest winning streak since a six-session advance that ended Sept.
1. The Dow has moved higher in four straight sessions, while the
tech-heavy Nasdaq has risen for five sessions in a row.
The Russell 2000 rose 2 points, or 0.1%, to 1,511. The index of
small companies hit an all-time high of its own and is on track for
its eighth straight daily gain.
What strategists are saying
Stocks have been supported by some strong economic data,
including the recent strong ISM manufacturing survey
(http://www.marketwatch.com/story/key-yardstick-of-us-manufacturers-touches-highest-level-since-2004-ism-finds-2017-10-02)
for September, as well as hopes for tax-cut legislation. However,
there are some concerns that the market's rally--the S&P is up
13% thus far this year--has been overdone, especially as the
Federal Reserve ends its accommodative monetary policies.
"Data has been pretty strong over the past few days, and that's
giving a boost to markets around the globe. Valuations are
elevated, but you can justify them," said David Joy, chief market
strategist at Ameriprise Financial.
Joy added that he "wasn't necessarily concerned" about market
levels, but "they depend on bond yields. The discounting mechanism
of low rates are helping to support valuations. If the intermediate
part of the yield curve continues to rise, then valuations will be
more of a concern."
Stocks in focus
Shares in Tesla Inc.(TSLA) fell 2.2%. Late Monday, news came
that third-quarter production for the electric car maker's Model 3
sedan was lower than anticipated, due to manufacturing bottlenecks
(http://www.marketwatch.com/story/tesla-model-3-hit-by-production-bottleneck-that-slowed-initial-deliveries-2017-10-02).
Shares in MGM Resorts International(MGM) shed 0.6% after falling
5.6% Monday
(http://www.marketwatch.com/story/mgm-resorts-stock-falls-5-premarket-after-mandalay-bay-shooting-2017-10-02)
in the wake of the mass shooting at the company's Mandalay Bay
property in Las Vegas.
See:Las Vegas shooter Paddock had 42 guns and a 'bump stock'
(http://www.marketwatch.com/story/las-vegas-shooter-paddock-had-42-guns-and-a-device-enabling-firing-at-an-automatic-rate-2017-10-03)
Gun-maker stocks such as Smith & Wesson parent American
Outdoor Brands Corp.(AOBC) and Sturm, Ruger & Co. Inc. (RGR)
also could see another active session after rallying Monday
(http://www.marketwatch.com/story/gun-maker-stocks-surge-after-mass-shooting-in-las-vegas-2017-10-02).
They often gain when traders think stricter regulations are coming,
as sales can get a lift ahead of any change. Shares of American
Outdoor rose 3.1% while Sturm was up 0.9%.
Home builder Lennar Corp. (LEN) rose 3.5% after
better-than-anticipated quarterly results
(http://www.marketwatch.com/story/lennars-stock-set-for-rally-after-profit-and-sales-beat-expectations-2017-10-03).
What could help drive the market?
September figures for U.S. auto sales are due to roll out
throughout the session, with economists polled by MarketWatch
expecting 17.3 million vehicles sold overall.
General Motors Co.(GM) rose 2.5% after it reported U.S. sales
growth of 12%
(http://www.marketwatch.com/story/gms-stock-shoots-up-to-record-high-after-september-sales-report-2017-10-03),
with the stock hitting a record in early trading.
Ford Motor Co.(F) was up 1.9% after it posted sales growth of
8.7%. The auto maker was also in focus as new CEO Jim Hackett is
due to provide an update on the company's progress
(http://www.marketwatch.com/story/new-ford-chief-says-ready-to-tinker-under-the-hood-2017-09-30)
at an investor meeting.
Check out:MarketWatch's Economic Calendar
(http://www.marketwatch.com/economy-politics/calendars/economic)
What other assets are doing
European stock markets
(http://www.marketwatch.com/story/european-stocks-pause-for-breath-after-8-day-winning-run-2017-10-03)
traded in tight ranges on Tuesday, taking a breather after an
eight-day winning streak. Asian equity markets largely closed
higher
(http://www.marketwatch.com/story/hang-seng-nikkei-lead-market-gains-in-asia-2017-10-02),
though some bourses remained closed for holidays.
Oil futures and gold futures were lower, as the ICE U.S. Dollar
Index inched up.
(END) Dow Jones Newswires
October 03, 2017 09:53 ET (13:53 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
MGM Resorts (NYSE:MGM)
Historical Stock Chart
From Aug 2024 to Sep 2024
MGM Resorts (NYSE:MGM)
Historical Stock Chart
From Sep 2023 to Sep 2024