For the first time since March 1998 (in the lead up to the tech and net boom and collapse), the major US market measures have finished a second trading day in record territory.
The Dow, S&P 500 and Nasdaq all edged higher, fell back and then closed the day in record air. This time it was expectations of better times for US retailers following a couple of solid updates during the day and expected after hours.
The Dow closed ended above 19,000 for the first time ever this morning, Sydney time, the S&P 500 also closed at a fresh record, above 2,200 for the first time, and the Nasdaq Composite ended the session up 17.49 points, or 0.3%, at 5,386.35, also a record.
The day’s gains were broad-based, with 10 of the 11 main sectors finishing with gains. The S&P 500 gained 4.75 points, or 0.2%, to 2,202.93, the Dow rose 67.18 points, or 0.4%, to 19,023.87. And the the Russell 2000 index which measures smaller stocks, rose 9.05 points, or 0.7%, to 1,331.31, up for the 13th consecutive day, according to FactSet. For the second consecutive session, all the main indexes closed at records.
The record days belie expectations of the weak trading session this week because of the Thanksgiving holiday on Thursday, US time, and the half day session on Friday.
Our market will start higher – 10 points or so, in a more muted session after yesterday’s 1.1% bounce for the ASX 200. the Aussie dollar regained the 74 US cents overnight.
European markets tracked higher, making solid gains early in the session before losing momentum. Still the European Stoxx 600 index rose 0.2% and Germany’s Dax was up 0.3%. In London the FTSE 100 rose 0.6%, buoyed as mining shares powered ahead, led by that big gain for Anglo American.
Comex gold futures for December delivery edged up $US1.40, or 0.1%, to settle at $US1,211.20 an ounce after posting losses earlier in the session. It climbed Monday, after settling at $US1,208.70 on Friday, its lowest finish since February.
Comex December copper rose 3 cents, or 1.2%, to $US2.545 a pound, the best since mid 2015, while December silver futures rose 11.1 cents, or 0.7%, to settle at $US16.632 an ounce.
But US oil futures on Tuesday had their first decline in three sessions after a report said OPEC will wait until next week (November 30) to debate a proposal to cut member output and not make a decision before hand.
The proposal calls for a cut of 4% to 4.5% for all of its members, except Libya and Nigeria, Reuters reported overnight. But representatives of Iran, Iraq and Indonesia, however, “expressed reservations about their level of participation in the deal,” according to the report.
As a result, January West Texas Intermediate crude futures in New York fell 21 cents, or 0.4%, to settle at $US48.03 a barrel. Prices traded higher earlier in the day, after logging a 4.1% rally on Monday.
In London, January Brent crude rose 22-cents, up 0.5%, to settle at $US49.12 a barrel.
