S&P, Dow Rise With Help From Banks; Nasdaq Lags
NEW YORK — The S&P 500 and the Dow industrials registered record closing highs on Tuesday with a boost from bank stocks as investors eyed a potential cut in U. S. corporate taxes
and continued economic growth after strong inflation data.
Jack Ablin said that As investors become more comfortable (that) the economic recovery appears to be expanding, they’re starting
to dip their toes into the value sectors like industrials, financials and energy that need earnings growth to expand,
The data, which came a day ahead of U. S. Federal Reserve’s widely-expected hike in interest
rates could assuage concerns among some Fed officials over persistently low inflation.
RJ Grant said that It’s mostly optimism on taxes being close to the finish line and stronger global economic data,
The Dow Jones Industrial Average rose 118.77 points, or 0.49 percent, to 24,504.8, the S&P 500 gained 4.12 points, or 0.15 percent, to 2,664.11
and the Nasdaq Composite dropped 12.76 points, or 0.19 percent, to 6,862.32.
Investors were also hoping U. S. Republicans would be able to complete final legislation
for a tax overhaul that is expected to slash corporate tax rates.