clear
Sunday September 24th, 2017 1:39PM

Gains for banks and retailers take stocks to record highs

By The Associated Press

NEW YORK (AP) — U.S. stocks rose to record highs Tuesday as banks kept rising and retailers climbed after some encouraging job data.

It was the second straight day for big gains in bank stocks as bond yields pushed higher, which allows banks to charge higher rates on loans. Retailers rose after the Labor Department said job openings and hiring both grew in July, and more people quit their jobs to take new ones. That left investors hopeful people will shop and spend more.

Chemicals company DowDuPont climbed after making changes to its breakup plans, something activist investors had pushed for. Apple's newest iPhones didn't generate much excitement on Wall Street.

The bond market is "moving back to a comfort zone," said Matt Toms, the chief investment officer for Voya Investment Management's fixed income business. "Just enough growth, just enough inflation, but not too much of either."

The Standard & Poor's 500 index rose 8.37 points, or 0.3 percent, to 2,496.48. The Dow Jones industrial average gained 61.49 points, or 0.3 percent, to 22,118.86. The Nasdaq composite picked up 22.02 points, or 0.3 percent, to 6,454.28.

The S&P 500 finished at a record Monday and the Dow finished a fraction of a point above the record it set in early August. The Nasdaq surpassed the record it set on Sept. 1.

The Russell 2000 index of smaller companies got a bigger boost from the job openings report and jumped 8.64 points, or 0.6 percent, to 1,423.46.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.16 percent after it jumped to 2.13 percent Monday. That helped banks. Bank of America added 59 cents, or 2.5 percent, to $23.95 while Citizens Financial Group gained $1.02, or 3 percent, to $34.48. Companies that pay big dividends like utilities and real estate investment trusts didn't do as well as the rest of the market, as income-seeking investors were drawn to bonds.

Stocks were coming off their best day since late April. They rose Monday as Hurricane Irma weakened without doing as much damage as some forecasts had predicted last week. Investors were also relieved that tensions between the U.S. and North Korea didn't get any worse following a national holiday there.

DowDuPont, which was formed when two of the world's largest chemical companies combined in August, made some changes to its breakup plan after pressure from activist investors. DowDuPont will ultimately break up into three public companies. One will focus on agriculture, one on material science and one on specialty products. Tuesday's changes concern the latter two companies.

DowDuPont gained $1.67, or 2.5 percent, to $68.52.

Job openings posted by U.S. employers rose 0.9 percent to 6.2 million in July, the Labor Department said. That's highest on records dating to 2000. Hiring also increased and more people quit their jobs, which often means they are leaving for jobs that pay better. That helped smaller, domestically-focused companies and retailers. Gap jumped $1.67, or 6.4 percent, to $27.61 and Victoria's Secret parent L Brands advanced $1.46, or 3.9 percent, to $39.36.

Apple's stock gyrated as the company announced its newest iPhones and updates to other products. The new iPhone 8 will be able to shoot pictures with better colors and less distortion, particularly in low-light settings, and it will be out Sept. 22. The iPhone X has an edge-to-edge screen and can be unlocked with facial recognition, but won't go on sale until Nov. 3.

The iPhone is the source of most of Apple's revenue, and some investors have been worried that supply constraints will slow down its sales. Apple was down early in the day, climbed as much as 1.5 percent as it made its announcements, and then wound up with a loss of 64 cents to $160.86.

Energy companies traded higher as benchmark U.S. crude added 16 cents to $48.23 a barrel in New York. Brent crude, the standard for international oil prices, gained 43 cents to $54.27 a barrel in London.

Wholesale gasoline rose 2 cents to $1.66 a gallon. Heating oil remained at $1.74 a gallon. Natural gas climbed 5 cents to $3 per 1,000 cubic feet.

Gold lost $3 to $1,332.70 an ounce. Silver dipped 1 cent to $17.89 an ounce. Copper fell 3 cents to $3.04 a pound.

The dollar rose to 110.11 yen from 109.34 yen. The euro edged up to $1.1970 from $1.1962. The British pound climbed to $1.3293 from $1.3173, its highest level in a year. That move came after inflation figures came in stronger than analysts expected, which left investors thinking the Bank of England may raise interest rates sooner than they had anticipated.

Germany's DAX rose 0.4 percent while the CAC 40 in France gained 0.6 percent. The British FTSE 100 slipped 0.2 percent. In Japan, the Nikkei 225 gained 1.2 percent as the yen weakened again. South Korea's Kospi edged up 0.3 percent and the Hang Seng of Hong Kong was little changed.

___

AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services, AP Business - Utilities
© Copyright 2017 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Suspect sentenced in 1975 case that shocked DC region
A 60-year-old man who pleaded guilty in the killing of two young sisters from Maryland was sentenced Tuesday to 48 years in prison, more than four decades after the girls vanished during a trip to a local shopping mall
5:14PM ( 7 minutes ago )
After Irma, Tampa area still at risk but not fully prepared
The Tampa region is among the world's most vulnerable when it comes to major storms, yet it has failed to take some key precautions.
5:06PM ( 15 minutes ago )
Edith Windsor, who helped end gay marriage ban, dies at 88
Edith Windsor, who successfully challenged a federal law banning same-sex marriage, has died
5:04PM ( 17 minutes ago )
Associated Press (AP)
The Latest: Apple may bring facial recognition to mainstream
Apple watchers say the company's new Face ID technology could help revolutionize facial recognition and bring it to the mainstream
4:43PM ( 38 minutes ago )
Judge tosses charges against Amtrak engineer in deadly wreck
A judge has dismissed criminal charges against the engineer in an Amtrak derailment in Philadelphia that killed eight people
4:43PM ( 38 minutes ago )
A state built on air conditioning struggles after Irma
In a state built on air-conditioning, millions of Florida residents want to know: When will the power be back?
4:37PM ( 45 minutes ago )
AP Business
Apple unveils $999 iPhone X, loses 'home' button
Apple unveils $999 iPhone X, loses 'home' button
4:03PM ( 1 hour ago )
Trump meeting with Malaysian prime minister under scrutiny
President Donald Trump is meeting with Malaysian Prime Minister Najib Razak at the White House
3:10PM ( 2 hours ago )
Investigators release findings on Tesla Autopilot crash
The first known fatal crash of a highway vehicle operating with an automated control system was the result of a driver misusing the technology.
2:58PM ( 2 hours ago )
AP Business - Corporate News
Senate GOP struggles with deficit in work on budget, taxes
The Republican Senate leader and members of the Budget Committee are scrambling to come up with a budget deal to clear the way for the first tax overhaul in three decades
3:47PM ( 1 hour ago )
North Korea relief sustains momentum in global markets
Global stock markets remained firm Tuesday as fears over an escalation in tensions between the U.S. and North Korea continued to subside even though the United Nations slapped further sanctions on Pyongyang.
8:02AM ( 9 hours ago )
Global stocks mostly rise as Irma, North Korea worries fade
Global shares are mostly higher, encouraged by optimism on Wall Street as Hurricane Irma weakened and made way for recovery efforts and a North Korean holiday passed without new missile launches
4:19AM ( 13 hours ago )
AP Business - Financial Markets
The Latest: Trailer park destroyed in Florida Keys
Hurricane Irma has completely destroyed a trailer park in the Florida Keys community of Islamorada
4:07PM ( 1 hour ago )
Trump: North Korea sanctions 'small step,' warns of more
President Donald Trump says new U.N. sanctions "are nothing compared to what ultimately will have to happen" to stop North Korea's nuclear march
3:29PM ( 1 hour ago )
The Latest: Irma causes 4th South Carolina death
Authorities say Irma has caused a fourth death in South Carolina when a city worker drove off the road during heavy rains
1:51PM ( 3 hours ago )
AP Business - Industries
Worst-case scenario not happening and insurance sector soars
Though damage from Hurricane Irma is extensive, property insurers are breathing a sigh of relief with the storm nowhere near as catastrophic as many had feared.
9:56AM ( 1 day ago )
The Latest: Insurer estimates damage costs on French islands
France's public insurance agency estimates that Hurricane Irma inflicted 1.2 billion euros ($1.44 billion) in damage on infrastructure in the French overseas islands of Saint Martin and Saint Barthelemy
6:27AM ( 3 days ago )
Tourism, agriculture businesses brace for Irma's impact
Hurricane Irma has taken down parts of the vital tourism industry in the Caribbean and is spinning toward Florida, another vacation haven
5:27PM ( 3 days ago )
AP Business - Financial Services
The Latest: Mayor vows to work on restoring power to homes
Miami Beach's mayor said hospitals, police and fire stations were getting power restored first
11:26AM ( 5 hours ago )
The Latest: Florida police warn of post-Irma scams
Police across Florida are warning of scams in the aftermath of Hurricane Irma
11:13AM ( 6 hours ago )
The Latest: Keys bridges appear OK; inspections continue
Florida's governor says that bridges linking the Florida Keys appeared to escape serious damage from Hurricane Irma, but more time is needed to finish inspections
10:52AM ( 6 hours ago )
AP Business - Utilities
Suspect sentenced in 1975 case that shocked DC region
A 60-year-old man who pleaded guilty in the killing of two young sisters from Maryland was sentenced Tuesday to 48 years in prison, more than four decades after the girls vanished during a trip to a local shopping mall
5:14PM ( 8 minutes ago )
After Irma, Tampa area still at risk but not fully prepared
The Tampa region is among the world's most vulnerable when it comes to major storms, yet it has failed to take some key precautions.
5:06PM ( 15 minutes ago )
Edith Windsor, who helped end gay marriage ban, dies at 88
Edith Windsor, who successfully challenged a federal law banning same-sex marriage, has died
5:04PM ( 17 minutes ago )
Big holdup for borrowers claiming for-profit college fraud
Education Department holding up decisions on claims of fraud against for-profit college student fraud
5:03PM ( 19 minutes ago )
Back-to-back storms in Georgia mean doing repairs all over
Back-to-back storms on Georgia coast mean starting repairs all over
5:01PM ( 20 minutes ago )