Stocks rose on Tuesday as the S&P 500 tried once again to exceed its previous record close set in February before the coronavirus hit.
The S&P 500 gained 0.2%, trading just a few points above its record close of 3,386.15 set on Feb. 19. The index was also just below its intraday all-time high of 3,393.52.
The Dow Jones Industrial Average climbed 9 points, or less than 0.1%. The Nasdaq Composite outperformed, rising 0.4%.
Here's what traders were watching Tuesday:
- Home Depot said sales last quarter jumped 23% as consumers stuck in their homes increased do-it-yourself projects. Earnings and sales exceeded Wall Street expectations.
- Walmart's earnings and revenue topped Wall Street estimates last quarter as same-store sales increased by 9.3%. E-commerce sales nearly doubled.
- U.S. housing starts for July totaled 1.496 million, easily topping an estimate of 1.24 million.
- Senate Republicans plan to introduce a narrow coronavirus relief plan that also includes $10 billion for the U.S. Postal Service, NBC News reported Monday evening.
- Tesla shares jumped 5.5% in premarket trading to $1,937. The stock is set to split 5-for-1 later this month.
The S&P 500 has been flirting with a new all-time high since last week.
"Markets lack a catalyst to help markets overcome technical resistance," Mark Hackett, Nationwide's chief of investment research, said in a note. "The S&P 500 has seen its best 100-day move in history, and therefore embeds optimistic assumptions on the economic recovery and fiscal stimulus. These factors will need to surprise to the upside to drive markets materially higher."
The S&P 500 has rallied more than 50% from its March bottom amid massive fiscal stimulus and better-than-feared earnings results. The tech-heavy Nasdaq Composite hit a new record close and intraday high during Monday's trading, pushing its 2020 gains to 24%.
The market has been stuck in a tight range as hopes for a new coronavirus stimulus deal dimmed with lawmakers unwilling to break a stalemate. Democrats and Republicans are holding their respective presidential nominating conventions this week and next.
Meanwhile, tensions between the U.S. and China still kept investors on edge. The Trump administration announced on Monday it will further tighten restrictions on Huawei, aimed at cracking down on the Chinese telecom giant access to commercially available chips.
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August 18, 2020 at 05:02AM
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Stocks rise as S&P 500 inches closer to a record closing high - CNBC
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