Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., August 9, 2016. REUTERS/Lucas Jackson
NEW YORK: Wall Street extended gains on Tuesday as healthcare and technology stocks powered the S&P 500 and the Nasdaq to record highs.
The S&P 500, which marked its fourth all-time high this month, rose to 2,187.33, while the Nasdaq touched an all-time high of 5,235.93.
The S&P 500 index’s healthcare index rose 0.49%, helped by a 26% jump in Endo International and a 3% rise in Mylan.
The information technology index rose 0.35%, lifted by a 7.4% rise in Charter Communications and a 0.6% rise in Amazon.com.
“It has been an unloved rally, and one that has not been met by the infamous ‘animal spirit’,” said Eric Wiegand, senior portfolio manager at the Private Client Reserve at US Bank in New York.
“There is no euphoria that is accompanying this move higher. It has been very measured and somewhat technical in support.”
The S&P 500 closed 0.2% away from its all-time high on Monday and the Nasdaq closed 0.3% shy.
At 11:04am ET (15.04 GMT) on Tuesday, the Dow Jones Industrial Average was up 49.2 points, or 0.27%, at 18,578.49.
The S&P 500 was up 5.76 points, or 0.26%, at 2,186.65.
The Nasdaq Composite was up 20.79 points, or 0.4%, at 5,233.93.
Nine of the 10 major S&P 500 indexes were higher, led by a 0.55% rise in the consumer staples.
The only sector in the red was energy which fell as oil prices reversed course in choppy trading.
Valeant jumped 16% after maintaining its full-year forecast and saying that it would reorganise its business.
Microchip Tech rose 8.1% to US$61.24 after the company’s first-quarter revenue beat analysts’ estimate.
Advancing issues outnumbered decliners on the NYSE by 1,707 to 1,116. On the Nasdaq, 1,540 issues rose and 1,073 fell.
The S&P 500 index showed 24 new 52-week highs and no new lows, while the Nasdaq recorded 79 new highs and 13 new lows. - Reuters
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