S&P, Nasdaq hit record highs as risk appetite improves

Tammy Harvey
May 10, 2017

The large-cap S&P 500 Index ended down 0.1% at 2,396.92, after brushing up on a new intraday record.

The S&P 500 rose 0.1 per cent at the start of Tuesday trading to open to 2,402.30, while the Nasdaq Composite rose almost 0.2 per cent to 6,114.10 after closing at a fresh record on Monday.

May 9 (Reuters) - The S&P 500 fell on Tuesday after edging up to an intra-day record high for the second straight session, while Apple became the first USA company to close with a market capitalization above $800 billion.

The Nasdaq scored its third straight record, with Apple gaining 0.6 per cent to become the first company to close above US$800 billion in market capitalisation.

Four of the 11 major S&P sectors rose during Tuesday's session, led by consumer discretionary, while the typically defensive plays such as utilities and telecom services fell.

NFIB reported that its gauge of small business confidence edged higher by 0.2 points in April to 104.5.

The index has not moved more than 0.4 per cent in either direction in the past 11 trading days.

Endo International, Office Depot and Marriott also rose after reporting better-than-expected quarterly earnings. Buoying the Nasdaq was a rise in shares of Apple Inc., which gained 0.6%.

Demand for stocks that pay high dividends has dulled as bonds have begun to pay more in interest. The South Korean market was closed as voters elected a new president. The yield on the 10-year Treasury note held steady at 2.39 percent Tuesday, but it's up from a low of 2.17 percent three weeks ago.

COMMODITIES: Benchmark U.S. crude fell 36 cents to $46.07 per barrel. The hotel operator cited improving trends around the world, from North America to Europe to Asia.

Japan's Nikkei 225 index dipped 0.3 percent, while the Hang Seng in Hong Kong jumped 1.3 percent.

The euro fell to $1.0869 from $1.0930 late Monday. Brent crude, the worldwide standard, fell 61 cents to $48.73 per barrel. The dollar rose to 114.28 Japanese yen from 113.07 yen, and the British pound slipped to $1.2927 from $1.2943. US equity markets were hobbled by a downturn in USA crude-oil prices, which fell by 1.2%, to settle at $45.88 a barrel, ending two days of gains for the commodity.

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