BHC:CC - NASDAQ Finishes at Record High
All three major indexes closed at record highs Tuesday as investors tried to look past concerns about the state of the U.S. economy.
The Dow Jones Industrials gained 196.39 Tuesday to greet Tuesday’s closing bell at 45,597.28, thanks to a surge in UnitedHealth shares. The shares jumped $27.77, or 8.6% to $347.92.
The S&P 600 index regained 17.46 points to 6,512.61.
The tech-heavy iNASDAQ index hiked 80.79 points to 21,879.49, hitting a new high.
The Labor Department updated its jobs figures for the 12 months through March, lowering the total payroll gains during that period by a whopping 911,000.
While the data had minimal impact on stocks Tuesday because its regarding figures from six months ago, the report may reinforce calls for the Federal Reserve to be more aggressive with rate cuts this year.
During Tuesday’s session, Apple shares were lower by $3.53, or 1.5%, to $234.35,ahead of an annual event in which the company is expected to unveil a new iPhone.
Additionally, Fox shares dipped $3.79, or 6.7%, to $53.02, after Lachlan Murdoch gained control of the media empire as the Murdoch family settled a dispute over the family trust. Dell Technologies shares also slid $1.91, or 1.4%, to $121.29, after CFO Yvonne McGill resigned, effective Tuesday.
But investors are now awaiting two key inflation reports that could determine what Federal Reserve policymakers will do at their meeting next week. Last week, a surprisingly weak jobs report added to hopes the path for interest rates is lower.
Prices for 10-year Treasury declined Tuesday, raising yields to 4.08% from Monday’s 4.04%. Treasury prices and yields move in opposite directions.
Oil prices advanced 38 cents to $62.64 U.S. a barrel.
Gold prices surrendered $8.90 to $3,668.50 U.S. an ounce.