NEW YORK: US stocks moved higher again on Tuesday (Nov 15) as the Dow Jones Industrial Average gained for the seventh day – including four straight record closes – and energy and tech stocks followed oil higher.
The Dow finished up 54.37 points (0.29 per cent) at 18,923.06 and the broader S&P 500 gained 16.19 points (0.75 per cent) to settle at 2,180.39. The tech-rich Nasdaq rose 57.23 points (1.1 per cent) to 5,275.62.
Investors in part were buoyed by favourable economic data after the Commerce Department reported retail sales posted a healthy 0.8 per cent increase in October. The New York Federal Reserve Bank reported that manufacturing activity in the state recovered in November.
Peter Cardillo of First Standard Financial said the cheerful mood on Wall Street was partly an extension of the post-election rally.
“It’s all about the good economic news we got today and of course the continuation of the Trump rally,” he told AFP, noting the data point to stronger growth in the third and fourth quarters.
Energy stocks were among the day’s major gainers, following a sharp upswing in oil prices. Light, sweet benchmark crude for December delivery jumped US$2.49 in New York to settle at US$45.81 a barrel.
Chevron gained 2.2 per cent, ConocoPhillips rose 2.6 per cent and Exxon Mobil finished 1.8 per cent higher.
Tech stocks rebounded after foundering last week, with the so-called FANG group (Facebook, Amazon, Netflix and Google parent Alphabet) all moving higher. Amazon jumped 3.4 per cent.
Home Depot sank 2.5 per cent despite posting better-than-expected third-quarter earnings on Tuesday, with the company telling investors it forecasts only three per cent sales growth over the coming holiday period.