Joe Capitalist
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S&P 500, Nasdaq at records highs with consumer confidence back to pre-pandemic level
GOD BLESS PRESIDENT BIDEN.
The S&P 500 and Nasdaq Composite finished Tuesday in record territory, as shares of some big banks got a lift after announcing dividend hikes, defying concerns about high valuations and the spread of the delta variant of the coronavirus globally.
How are stock benchmarks performing?
The Dow Jones Industrial Average DJIA, +0.03% rose 9.02 points, or less than 0.1%, to 34,292.29.
The S&P 500 SPX, +0.03% added 1.19 points, or less than 0.1%, to a record close of 4,291.80.
The Nasdaq Composite COMP, +0.19% advanced 27.83 points, or 0.2%, to a record close of 14,528.33.
On Monday, the Dow fell 150.57 points, or 0.4%, closing at 34,283.27, while the S&P 500 added 9.91 points, or 0.2%, to end at a then record 4,290.61, and the Nasdaq Composite Index climbed 140.12 points, or 1%, finishing at a then record 14,500.51.
Stocks edged higher, with analysts saying investors remain buoyed by optimism about the economic recovery from the COVID pandemic as consumer confidence and house prices surge.
The U.S. Conference Board on Tuesday said its consumer confidence index leapt to 127.3 this month from 120 in May, hitting its highest level since just before the pandemic took hold in March 2020.
That’s “a remarkable shift, given that payrolls are still some 10 million lower than we would have expected if the pandemic hadn’t happened,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics, in a note. “But people are responding to record highs for asset prices and, presumably, to the very low recent COVID case numbers.”
Consumer confidence is also supported by “the tremendous amount of job openings,” said Jeff Mills, chief investment officer of Bryn Mawr Trust, in a phone interview Tuesday. The loss of unemployment benefits may be replaced with “actual wages,” he said.
GOD BLESS PRESIDENT BIDEN.
The S&P 500 and Nasdaq Composite finished Tuesday in record territory, as shares of some big banks got a lift after announcing dividend hikes, defying concerns about high valuations and the spread of the delta variant of the coronavirus globally.
How are stock benchmarks performing?
The Dow Jones Industrial Average DJIA, +0.03% rose 9.02 points, or less than 0.1%, to 34,292.29.
The S&P 500 SPX, +0.03% added 1.19 points, or less than 0.1%, to a record close of 4,291.80.
The Nasdaq Composite COMP, +0.19% advanced 27.83 points, or 0.2%, to a record close of 14,528.33.
On Monday, the Dow fell 150.57 points, or 0.4%, closing at 34,283.27, while the S&P 500 added 9.91 points, or 0.2%, to end at a then record 4,290.61, and the Nasdaq Composite Index climbed 140.12 points, or 1%, finishing at a then record 14,500.51.
Stocks edged higher, with analysts saying investors remain buoyed by optimism about the economic recovery from the COVID pandemic as consumer confidence and house prices surge.
The U.S. Conference Board on Tuesday said its consumer confidence index leapt to 127.3 this month from 120 in May, hitting its highest level since just before the pandemic took hold in March 2020.
That’s “a remarkable shift, given that payrolls are still some 10 million lower than we would have expected if the pandemic hadn’t happened,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics, in a note. “But people are responding to record highs for asset prices and, presumably, to the very low recent COVID case numbers.”
Consumer confidence is also supported by “the tremendous amount of job openings,” said Jeff Mills, chief investment officer of Bryn Mawr Trust, in a phone interview Tuesday. The loss of unemployment benefits may be replaced with “actual wages,” he said.
