Markets Right Now: Dow, S&P 500 notch record highs

By Sruthi Shankar

By Sruthi Shankar

"Motor vehicle and parts sales tumbled 1.6% in August, but replacement of hurricane-damaged vehicles in coming months will push up sales, and possibly prices, of both used and new vehicles", predicted Berenberg Capital Markets.

Investors largely shrugged off the latest rise in tensions on theKorean peninsula and a terrorist attack in London, with haven assets from the yen to gold declining.The S&P 500 took the round-number milestone in the final minutes of trading to end the week with a 1.6 percent advance.

The Dow Jones 30-share jumped 65 points to close at 22,268 and the broader-based S&P 500 climbed 4.6 to 2,500.2. The Nasdaq composite slumped 16 points, or 0.2 percent, to 6,443.

Following the mixed performance seen in the previous session, stocks may move to the downside in early trading on Friday. Economists polled by Reuters had forecast retail sales nudging up 0.1 percent. Many of those factories are based in the Gulf Coast region that Harvey hit. Amazon also lost 0.5 per cent, but Apple added one per cent after its new product launch this week. Among the notable movers, Nvidia Corp. rose 6.3% while Advanced Micro Devices was up 2.1%.

However shares of software maker Oracle absorbed their biggest loss in four years. Semiconductors were among the strongest of the day, with the sector up 1.8%. Its stock is up 60 percent in 2017.

Second, the extended period of ultra-low interest rates has been a boon. The first step could happen as soon as November.

Читайте также: Trump sets aside United Nations distrust to seek allies on North Korea, Iran

The pound surged to $1.3571 from $1.3398, its highest since mid-2016. "While traders may be hesitant to invest fresh capital at price levels that may appear too high, they are forced to anyway".

Equifax fell $3.68, or 3.8 percent, to a two-year low of $92.98. Forward Management LLC acquired a new stake in shares of SPDR Dow Jones Industrial Average ETF in the second quarter valued at $50,291,000.

Additionally, North Korea threatened to reduce the U.S.to "ashes and darkness" and sink Japan, leaving the Nikkei in the red.

"Disappointing retail sales growth suggests 3Q consumer spending growth will slow markedly from 2Q's 3.3% rate; however, we still think other components can provide offsetting support within the GDP report", said James Knightley, the chief global economist at ING. Forecasts for rising demand and the gradual restart of USA oil refineries after Hurricane Harvey pushed up prices.

In commodities trading, crude oil futures are inching up $0.11 to $50 a barrel after climbing $0.59 to $49.89 a barrel on Thursday.

Wholesale gasoline rose 3 cents to $1.66 a gallon.

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