It was a big, round-number day for the US stock market on Tuesday, as the Standard & Poor’s 500 index closed a hair above 2,000 points, exactly 16 years after it finished above the 1,000 mark for the first time.
The latest milestone extended the index’s record-shattering run this year and comes as investors see new signs that the US economy is strengthening — a driver of stronger company earnings.
“There’s perhaps a small psychological boost when you get over such a significant price level,” said Cameron Hinds, regional chief investment officer at Wells Fargo Private Bank.
Photo: AFP
In the midst of a five-year rally, US stocks have surged in the final weeks of summer after dipping earlier this month over concerns about geopolitical tensions in Ukraine and the Middle East.
US stock futures pointed to a higher opening in premarket trading on Tuesday and that trend held as investors began to digest the latest positive economic news.
The non-profit Conference Board Inc on Tuesday said its consumer confidence index this month rose to the highest point in nearly seven years, while a separate report showed that orders of durable manufactured goods surged by a record 22.6 percent last month, thanks to a jump in aircraft sales.
In addition, a third report showed that US home prices rose in June, albeit at a slower pace.
The S&P 500 ended up 2.10 points, or 0.1 percent, to end at 2,000.02 on the day, while the Dow Jones industrial average rose 29.83 points, or 0.2 percent, to 17,106.70 and the NASDAQ composite gained 13.29 points, or 0.3 percent, to 4,570.64.
The S&P 500, a widely followed barometer of the stock market, has closed at a new high 30 times this year. By this time last year, it had done so 25 times.
The Dow also has put up some big numbers this year, notching 15 new closing highs, but that still trails the 30 it racked up by this time a year ago.
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