Stocks are inching higher again this morning, one session after
setting a key milestone.
S&P 500 futures are up 0.15 percent to 1998. Yesterday the
index pushed above 2000 for the first time and is up 42 percent
since the beginning of last year. The Nasdaq 100, which is back to
highs from August 2000, is indicated up 0.2 percent this morning.
Equities have ridden a wave of positive sentiment thanks to a
slowly improving economy, low interest rates, and limited macro
risk. Strength has rotated from one sector to another, and most
recently has shifted to retailers, homebuilders, financials, and
market scanner also shows former leaders in the metals and energy
European indexes are rose fractionally today and are attempting to
rebound from a July selloff. Investors are now looking for the
European Central Bank to implement monetary stimulus, which could
slow long-expected interest-rate increases by the U.S. Federal
Reserve. Asia was mostly lower overnight, led by a drop of 1
percent in Shanghai, and is showing signs of fatigue after leading
global markets higher last month.
Today's agenda includes durable-goods orders at 8:30 a.m. ET, the
Case-Shiller house-price index at 9 a.m. ET and consumer confidence
at 10 a.m. ET. Thursday brings revised second-quarter gross
domestic product, but trading is likely to remain light the rest of
the week because of Labor Day on Sept. 1.
In company-specific news, Tim Hortons rose 10 percent after
accepting a takeover by Burger King. DSW also gained 10 percent on
a strong quarterly earnings report. Best Buy declined 4 percent and
Trina Solar slid 8 percent after quarterly revenues lagged
Commodities are mixed, with gold and silver up 0.6 percent, copper
down the same amount and energy little-changed. There are no big
movers in foreign-exchange markets.
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