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Closing Update: Wall Street Cheered by Data, Earnings, Geopolitical Calm

Wall Street put in another impressive performance on Tuesday as the environment of low inflation, a strong housing market, and upbeat corporate earnings drove equities higher for a second straight day. Gains in nearly every sector elevated the Nasdaq Composite to a new 14-year high, its fifth straight day for gains. The S&P 500 moved closer to key resistance at 2,000. The Dow Jones Industrial Average pierced its 50-day moving average largely on strength in Dow component Home Depot ( HD ). The home-improvement retailer reported better-than-expected Q2 earnings and raised its full-year earnings guidance.

Today's gains were triggered by strength in overseas markets, coupled with a benign 0.1% gain in July CPI and 16% gain in July housing starts, nearly twice what the market was expecting. With the housing market near its pre-recession level coupled with the backdrop of low inflation, today's stock market action reflected the likelihood for the Federal Open Market Committee (FOMC) to maintain its current accommodative monetary policy bias. The FOMC minutes from the July policy meeting will be released Wednesday afternoon.

But while stocks rallied on the combination of strength in the U.S. economy and waning geopolitical pressures, gold retreated below $1,300, the yield on the 10-year Treasury note inched back over 2.40%, and oil fell to another seven-month low.

Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Index was up 80.8 points (+0.5%) at 16,919

S&P 500 up 9.8 points (+0.5%) at 1,981

Nasdaq Composite Index up 19 points (+0.4%) at 4,527

GLOBAL SENTIMENT

FTSE 100 was up 0.56%

Nikkei 225 was up 0.83%

Hang Seng Index was up 0.67%

Shanghai China Composite Index was up 0.26%

UPSIDE MOVERS

(+) SKH Beat earnings estimates, but missed on revenue

(+) ARO Former CEO returned to lead the firm, revised earnings outlook above analyst expectations

(+) HGSH Tapped for Chinese shanty area rebuilding project

(+) TJX Beat Q2 earnings estimates

(+) SYN Upcoming late breaking C. Difficile advancement presentation

DOWNSIDE MOVERS

(-) RDEN Swung to larger than expected fiscal Q4 loss, revenue falls

(-) ONTY (-17.99%) Form 8-K showed that EMR 63325-009 did not meet endpoint

(-) LC I Craig-Hallum downgrades stock to Hold from Buy

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 MTNewswires.com. 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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