Dow, S&P soar to new highs

By Baystreet Market Updates

The Dow Jones Industrial Average hit its first record high since January on Thursday as gains in Apple and a decrease in trade fears lifted the 30-stock index.

The blue chips surged 241.17 points to 26,646.93, as Boeing, Caterpillar and Apple outperformed.

The S&P 500 popped 19.88 points to 2,927.83, an all-time high, its first since late August, as materials and tech outperformed.

The NASDAQ recovered 66.53 points to 8,016.57, as Amazon gained 1.1% ahead of an event where they are expected to unveil new Alexa-powered devices. Apple, meanwhile, jumped 1.6%.

Boeing hiked 1.2%, and Caterpillar, another bellwether for trade, rose 2.1%.

As tensions between the two largest economies in the world slap tariffs on each other’s goods, the Chinese commerce ministry said Thursday the country hopes the U.S. will take steps to correct its behavior.

General Electric shares fell 2% after an analyst at J.P. Morgan slashed his price target on the company to $10 from $11. The analyst noted he expects “weaker results at power and some franchise value impact.”

Nvidia slipped 1.6% after analysts at Morgan Stanley called the company’s new gaming card disappointing.

Prices for the benchmark for the 10-year U.S.Treasury inched up, lowering yields to 3.07% from Wednesday’s 3.08%. Treasury prices and yields move in opposite directions.

Oil prices eased five cents to $71.07U.S. a barrel.

Gold prices cleared breakeven 70 cents to $1,209.00U.S. an ounce.

This article provided by NewsEdge.