The front facade of the New York Stock Exchange (NYSE) is seen in New York, U.S., November 17, 2017. REUTERS/Brendan McDermid
NEW YORK: Wall Street indexes hit record levels on Tuesday, with technology stocks rising for a second straight day and healthcare shares getting a boost from Medtronic’s results.
With the third-quarter earnings season winding down and no major economic data in sight, trading activity is expected to slow ahead of Thursday’s Thanksgiving holiday.
Also helping the market was a rise in oil prices ahead of next week’s Opec meeting where major crude exporters are expected to extend production cuts.
“It is a return of momentum for the market, with some of positive earnings and recommendations as catalysts,” said Eric Wiegand, senior portfolio manager at US Bank’s Private Client Reserve unit.
The S&P technology index climbed more than 1% in the session. It has risen 38% this year, far outperforming the broader S&P 500 index and other major sectors.
“They have been in a leadership position and have produced remarkable earnings growth,” Wiegand said.
At 10:54am ET (1454 GMT), the Dow Jones Industrial Average was up 165.03 points, or 0.7%, at 23,595.36.
The S&P 500 was up 17.13 points, or 0.66%, at 2,599.27 and the Nasdaq Composite was up 64.70 points, or 0.955, at 6,855.41.
Apple’s shares were up nearly 2%, boosting all three major indexes.
Medtronic rose 5.3%, making it the top gainer on the S&P 500, after the medical device maker reported better-than-expected results and backed its forecast.
Hormel Foods rose 5.5%, while Urban Outfitters gained 4.7% after reporting quarterly results.
Lowe’s dipped marginally even as the home improvement chain reported strong sales and profit on higher demand after recent hurricanes.
Signet Jewelers tanked 27% after reporting a surprise quarterly loss, pulling down Tiffany by more than 15.
Advancing issues outnumbered decliners on the NYSE by 2,104 to 640. On the Nasdaq, 2,028 issues rose and 741 fell. - Reuters
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