dglobalnews.com All is calm: US stock indexes nudge again to record highs
Published: Wed, May 10, 2017
Markets | By Armando Jensen

All is calm: US stock indexes nudge again to record highs

All is calm: US stock indexes nudge again to record highs

The Vix, Wall Street's "fear gauge", hit 9.57 points, the lowest since late 2006, a day after closing at its lowest level in over two decades.

Fading political risk following France's election of centrist candidate Emmanuel Macron over eurosceptic Marine Le Pen, a strong U.S. results season, and an improving global economy appear to be helping investors sleep better at night, if recent measures of volatility are anything to go by.

"Given world events, common sense would say there should be at least average volatility in daily price movement on the S&P 500".

The Dow Jones Industrial Average rose 21.04 points, or 0.1 percent, to 21,033.32, the S&P 500 gained 3.16 points, or 0.13 percent, to 2,402.54 and the Nasdaq Composite added 24.47 points, or 0.4 percent, to 6,127.13.

The Nasdaq got a boost from Apple Inc, which became the first US company to top the $800 billion mark in market capitalization. Macron is seen as business friendly and pro-EU.

"While the US economy saw a marked deceleration in the first quarter, the overall outlook remains solid and the Fed is still widely expected to raise USA lending rates in June and likely again in September", said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.

All is calm: US stock indexes nudge again to record highs

With no major economic data expected on Tuesday, investors will focus on comments from a couple of Federal Reserve speakers, including Minneapolis Fed President Neel Kashkari.

The Nasdaq Composite was down 4.77 points, or 0.08 percent, at 6,095.99, after a record high of 6,106.11. It was last up 0.5 percent.

USA crude oil futures extended their recovery from a five-month low last week, settling up 21 cents at $46.43 a barrel after Saudi Arabia's oil minister said that he expected major oil producers to consider extending their deal to cut supply possibly into next year.

Meanwhile, the 10-year Treasury note yield [BX: TMUBMUSD10Y], which moves inversely to price, was at 2.40%, around the highest level in weeks for the benchmark bond. Coach's shares rose 7.2 percent.

The loonie touched a 14-month low on Friday at C$1.3793, or 72.50 USA cents.

Asian stocks fell, with China's seventh consecutive decline - the longest losing streak for four years - weighing on the region more broadly.

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