Stocks continue record run – Fox Business
Stocks opened in record territory Tuesday as they looked to extend their winning streak to a sixth straight day.
All three of the major averages were higher, with the Nasdaq leading the way, up 0.3 percent. The Dow Jones Industrial Average and S&P 500 both gained 0.2 percent at the open.
|I:DJI||DOW JONES AVERAGES||28023.68||-12.54||-0.04%|
|I:COMP||NASDAQ COMPOSITE INDEX||8549.93773||+9.11||+0.11%|
President Trump celebrated the market’s strength in a tweet.
Shares of Dow component Boeing gained after the planemaker said it received an order at the Dubai Air Show from Air Astana for 30 737 Max planes worth $3.6 billion. The company also received an order for 10 Max jets from an unnamed airline, according to a Reuters report.
Home Depot, another Dow component, was under pressure after missing revenue estimates and trimming its sales outlook. The home-improvement retailer said sales were light due to the timing of certain benefits associated with its One Home Depot strategic investments. Rival Lowe’s was dragged lower in sympathy.
Elsewhere, Kohl’s slashed its earnings outlook, sending shares sharply lower. The department store cut the top end of its full-year earnings forecast by 9 percent to $4.95 a share. Nordstrom and Macy’s fell as a result.
Off-price retailer TJX was gaining ground after reporting revenue that was above expectations and holiday guidance that disappointed.
|HD||THE HOME DEPOT INC.||230.47||-8.38||-3.51%|
|LOW||LOWE’S COMPANIES INC.||114.95||-0.07||-0.06%|
Commodities were weaker, with gold down 0.3 percent near $1,467 an ounce and West Texas Intermediate crude oil off 1.7 percent at $56.15 a barrel.
The yield on the 10-year Treasury note was little changed near 1.81 percent after mixed housing data.
Housing starts rose 3.8 percent last month to a seasonally adjusted annual rate of 1.314 million units, missing the 1.32 milion that economists surveyed by Refinitiv were anticipating. Building permits climbed 5 percent to an annual rate of 1.461 million units in October, the highest since May 2007.
In Asia, Japan’s benchmark Nikkei 225 edged 0.5 percent lower, Hong Kong’s Hang Seng gained 1.6 percent, while the Shanghai Composite was up 0.9 percent.
The Chinese Central Bank cut the seven-day reverse repurchase rate to 2.50 percent from 2.55 percent fueling expectations that Beijing will continue to ease monetary policies, according to Reuters.
Chinese indexes were rising moderately despite the continuing unrest in Hong Kong. Police have tightened their blockade over Hong Kong Polytechnic University, where some protesters are trapped and hundreds who left have been arrested.
In Europe, London’s FTSE added 1.2 percent, Germany’s DAX was higher by 1 percent and France’s CAC was off 0.4 percent.
FOX Business’ Ken Martin and The Associated Press contributed to this article.