Tags: stocks | wall street | s&p | nasdaq | records

S&P Cruises Past 2,700, Wall Street Hits Records as Tech Stocks Climb

S&P Cruises Past 2,700, Wall Street Hits Records as Tech Stocks Climb

Wednesday, 03 January 2018 04:16 PM EST

U.S. stocks climbed to record highs, gold fell and the dollar extended gains as the minutes from the Federal Reserve’s December policy meeting showed officials continued to back gradual interest-rate increases.

The Standard & Poor’s 500 Index rose past 2,700 for the first time, while the Nasdaq Composite Index and Dow Jones Industrial Average reached all-time highs. An earlier report showed U.S. manufacturing expanded in December at the fastest pace in three months. European stocks rose following a positive session in Asia and bonds gained as the region’s new investment regulations finally took effect.

“There’s no desire within the Fed anywhere to actually moderate any potential boom and cause a downturn,’ said Brent Schutte, chief investment strategist at Northwestern Mutual in Milwaukee. “They will let it run hot... I don’t think the Fed will stomp it out.”

Most participants at the Fed gathering reiterating support for “continuing a gradual approach to raising the target range” for the benchmark policy rate, according to minutes of the Federal Open Market Committee’s Dec. 12-13 meeting. U.S. central bankers raised interest rates by a quarter percentage point and penciled in three more hikes for 2018, according to the median estimate.

Elsewhere, West Texas oil approached $62 a barrel for the first time in three years, surpassing a crucial threshold for spurring new shale drilling. Gold dropped from a near four-month high after the Fed minutes were released.

Emerging-market shares also gained for a second session. European bonds rose after strong investor interest in an Irish debt sale, and the euro retreated for the first time in six days.

In Europe the MiFID II rules are one of the most seismic regulatory shifts in history, affecting everything from investment research to trade execution.

These are the main moves in markets:


The S&P 500 Index climbed 0.6 percent to close at a record 2,713.07 as of 4:05 p.m. in New York, while the Dow Jones Industrial Average gained 0.4 percent to 24,922.68 and the NASDAQ Composite Index rose 0.8 percent to 7,065.531.

The Stoxx Europe 600 Index climbed 0.5 percent.

The U.K.’s FTSE 100 Index rose 0.3 percent.

Germany’s DAX Index rose 0.8 percent.

The MSCI Asia Pacific Index gained 0.2 percent to the highest on record.

The MSCI Emerging Market Index increased 0.6 percent.


The Bloomberg Dollar Spot Index rose 0.2 percent to 1,155.81, snapping a five-day slide that was the longest streak of losses since September.

The euro weakened 0.4 percent to $1.21011, dropping from the strongest level in about three years.

The British pound fell 0.1 percent.

The Japanese yen weakened 0.2 percent to 112.45 per dollar.


The yield on 10-year Treasuries fell two basis point to 2.45 percent.

Germany’s 10-year yield dropped three basis points to 0.44 percent.

Britain’s 10-year yield decreased seven basis points to 1.21 percent.


West Texas Intermediate oil for February delivery rose $1.26 to settle at $61.63 a barrel on the New York Mercantile Exchange, the highest close since December 2014.

Gold dropped 0.2 percent to $1,315.24 an ounce, after trading near a four-month high.

Copper dipped 2.2 percent to $3.26 a pound.

© Copyright 2024 Bloomberg News. All rights reserved.

Wall Street’s main indexes hit records on Wednesday, with the benchmark S&P 500 index breaching the 2,700-mark for the first time on gains in technology stocks.
stocks, wall street, s&p, nasdaq, records
Wednesday, 03 January 2018 04:16 PM
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