Close Update: Wall Street Hits Record Highs as Telecoms, Financials Lead

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Wall Street was in record territory on Tuesday, with the S&P 500 closing at another all-time high as gains in financials and telecom stocks helped outweigh declines in real estate and utilities.

The Nasdaq Composite also hit a record, getting enough support from other components to outweigh losses in Apple ( AAPL ) after the tech giant unveiled two new iPhones, including a version with a starting price tag of $999, at a closely watched product launch.

The Dow Jones Industrial Average also joined the positive mood, ending less than a point above its previous record mark. Pfizer ( PFE ) gained the most on the Dow, while Goldman Sachs ( GS ) and Caterpillar ( CAT ) also rose in another day of widely spread gains.

On the S&P 500, all but two of the 11 sectors ended in the green. Telecoms rose 1.4% and financials were up 1.2% as Treasury yields continued to move higher.

Investors were also keeping an eye on Washington, D.C., where President Donald Trump is hosting a bipartisan dinner to sell his tax reform plans. Earlier, Treasury Secretary Steven Mnuchin said a 15% corporate tax rate might not be possible, but added that he's still hopeful a tax plan can go through this year, and it might be made retroactive to Jan. 1.

Data Tuesday showed a small business optimism index rose 0.1 points to 105.3 in August, beating forecasts for 104.5, according to data compiled by Econoday, and the Job Openings and Labor Turnover Survey report showed job openings rose 54,000 to 6.170 million in July, a record high.

Here's where the markets stood by the close:


Dow Jones Industrial Average was up 61.49 points (+0.28%)

S&P 500 was up 8.37 points (+0.34%)

Nasdaq Composite Index was up 22.02 points (+0.34%)


FTSE 100 was down 0.17%

Nikkei 225 was up 1.18%

Hang Seng Index was up 0.06%

Shanghai China Composite Index was up 0.09%


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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