By Anneken Tappe and Ryan Vlastelica
Dow, S&P 500, Nasdaq Composite (and Russell 2000) register
all-time highs
U.S. stock benchmarks booked another round of records on
Tuesday, with the S&P 500 notching its sixth positive session
in a row, as the market took its cues from upbeat data, including
reports on vehicle sales.
What stock benchmarks are doing
The Dow Jones Industrial Average finished 84.07 points, or 0.4%,
higher at 22,641.47, marking its fifth daily gain in a row. The
S&P 500 rose 5.46 points to 2,534.58, an increase of 0.2%, in
its longest string of gains since a six-session advance that ended
Sept. 1.
The Nasdaq Composite Index rose 15 points, or 0.2%, to 6,531.71,
making Tuesday its sixth gain in a row.
The Russell 2000 Index , meanwhile, closed at an all-time peak
for a second day in a row with a gain of 2.49 points, or 0.2%, to
1,511.97, after trading the small-cap index traded in fits and
starts throughout the session. The index of small companies has
trounced its larger-benchmark peers over the past 30 days, up
nearly 7%, compared with a 3% rise for the Dow and a 2.3% gain for
the S&P in that same period.
What was driving markets?
Stocks have been supported by some strong economic data,
including the recent 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 lingering concerns that the market's record advance--the
S&P is up 13.2% year to date, the Dow is on track for a nearly
15% return thus far this year, while the Nasdaq has gained more
than 21%--has been overdone. That's especially as the Federal
Reserve increases borrowing costs.
What are strategists saying?
Which stocks are in focus?
Shares in MGM Resorts International(MGM) closed 0.3% higher
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.
Home builder Lennar Corp. (LEN) rose 4.8% 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).
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 gained 2.4% and Sturm's shares closed 2.2% higher.
What are the data saying?
Major auto makers posted better-than-expected sales gains in
September amid heavier consumer discounts and demand to replace
hurricane-damaged vehicles, giving the industry relief from a
protracted period of
(http://www.marketwatch.com/story/gm-ford-toyota-post-sharp-sept-sales-gains-2017-10-03-144851637)declining
results.
General Motors Co.(GM) rose 3.1% 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 2.1% 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.
Fiat Chrysler's (FCA.MI) September numbers fell by 10%
year-over-year
(http://www.marketwatch.com/story/fiat-chryslers-us-september-sales-fall-with-sharp-declines-in-jeep-chrysler-and-dodge-brand-sales-2017-10-03),
thanks to declines in its Jeep, Chrysler and Dodge brands. Its
shares last traded slightly weaker, down 0.3% from yesterday.
Shares in Tesla Inc.(TSLA) pared previous losses and rose 1.9%.
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),
causing Tesla's shares to take a dive.
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 higher on Tuesday, adding on from 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 settled at a two-week low,
(http://www.marketwatch.com/story/oil-slips-further-on-concerns-about-higher-supply-2017-10-03)
while gold futures booked their third straight decline
(http://www.marketwatch.com/story/gold-extends-retreat-as-bond-yields-stocks-rise-2017-10-03),
as the ICE U.S. Dollar Index was little changed
(http://www.marketwatch.com/story/dollar-holds-ground-at-six-week-highs-2017-10-03).
--Victor Reklaitis contributed to this article
(END) Dow Jones Newswires
October 03, 2017 16:36 ET (20:36 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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