Closing Update: Dow, S&P 500 Again End at Record Highs, Led by Consumer Stocks
Stocks reversed early declines, with the major market indices turning green this afternoon, initially led by consumer stocks on better-than-expected results from retailer Macy's ( M ). Shares of technology companies helped lift the Nasdaq Composite and S&P 500 indices back to positive ground, with most other sectors joining the rally by the close.
The markets looked set for a day of profit-taking earlier in session as investors appeared content to wait for the start of confirmation hearings tomorrow for Federal Reserve Chairwoman-nominee Janet Yellen and possible remarks providing more clarity on when the central bank may begin to taper its bond-buying stimulus efforts.
Economic data today had little influence on market direction, with the Atlanta Fed Business Inflation Expectations index unchanged from the prior month at 1.9% during November.
Crude oil for December delivery rose 79 cents to settle at $93.91 per barrel while December natural gas slid 5 cents to finish at $3.57 per 1 million BTU. December gold fell $2.70 to $1268.50 per ounce while December silver declined 32 cents to $20.45 per ounce. December copper fell 7 cents to $3.16 per pound.
Here's where the markets stood at end-of-day:
Dow Jones Industrial Average up 70 (+0.5%) to 15,821
S&P 500 up 14 (0.8%) to 1,782
Nasdaq Composite Index up 45 (+1.1%) to 3,965
Hang Seng Index down 1.91%
Shanghai China Composite Index down 1.83%
FTSE 100 Index down 1.44%
(+) RLD, Fiscal Q2 revenue of $43.9 million tops analyst consensus by $1 million. Net loss of $0.09 per share beat by $0.10.
(+) PBPB, Sandwich shop devours analyst estimates for Q3 earnings, revenue.
(+) M , Retailer climbs to a record high following Q3 earnings of $0.47, up 31% from year ago levels and beating analyst estimates by $0.08 per share.
(-) CWCO, Earns $0.06 per share in Q3, down from $0.09 in the year-ago quarter and trailing the Capital IQ consensus by $0.03 per share.
(-) PTSX, Reports a Q1 loss of $0.10 per share on $6.8 million in revenue compared to a $0.01 loss on $7.7 million in revenue during the same quarter last year.
(-) OXGN, Net loss expands to $2.6 million, or $1.88 per share, from $2.2 million ($1.56 per share) loss in the year-ago period.