5 years ago

US stocks: S&P, Dow rise, Nasdaq falls

File Photo (Collected)
File Photo (Collected)

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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 US corporate taxes and continued economic growth.

The Dow Jones Industrial Average rose 118.77 points, or 0.49 per cent, to 24,504.8, the S&P 500 gained 4.12 points, or 0.15 per cent, to 2,664.11 and the Nasdaq Composite dropped 12.76 points, or 0.19 per cent, to 6,862.32, reports Reuters.

The financial sector was the biggest driver with a 1-per cent gain, followed by the healthcare sector, up 0.4 per cent. The telecom index was the biggest percentage gainer with a 2.8-per cent jump.

Goldman Sachs was the biggest boost for the Dow with a 3-per cent gain, followed by Boeing, which rose 2.4 per cent after it announced a 20-per cent dividend hike and an $18-billion share buyback authorization.

Declines in technology heavyweights, including Apple (AAPL.O) and Facebook, dragged on the Nasdaq.

Declining issues outnumbered advancing ones on the NYSE by a 1.19-to-1 ratio; on Nasdaq, a 1.26-to-1 ratio favoured decliners.

The S&P 500 posted 41 new 52-week highs and 1 new low; the Nasdaq Composite recorded 51 new highs and 42 new lows.

About 6.50 billion shares changed hands in US exchanges, in line with the 6.52 billion daily average over the last 20 sessions.

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