Investors ushered in a new month with the same record-setting pace as stocks hit record highs Tuesday, building on the momentum from the best August in 36 years.
The Dow Jones Industrial Average, climbed firmly back in positive terrority for the year, gaining 215 points, or 0.76%, while the S&P 500 and the Nasdaq Composite hit new records and closed higher by 0.75% and 1.4%, respectively.
Red-hot manufacturing data helping the bulls today after ISM Manufacturing PMI for August hit a two-year high, rising to 56. Anything above 50 signals expansion.
Looking at stocks, Tesla Inc. shares were in focus after the company announced plans to raise up to $5 billion through a stock offering. Shares gained 13% on Monday, the first day of trading since the stock split 5-for-1.
Meanwhile, Apple Inc. has asked suppliers to build at least 75 million 5G iPhones, Bloomberg reported, citing sources. Shares gained 3.39% on Monday, the first day of trading following their 4-for-1 split.
Zoom Video Communications Inc. reported earnings that more than doubled Wall Street estimates and raised its annual revenue forecast as the work-from-home environment converts more users to its paid subscription service. Zoom’s market cap is closing in on tech-giant IBM.
Walmart Inc. will launch its $98 per year Amazon Prime competitor Walmart+, the company said on Tuesday. The service offers free same-day delivery and allows customers to check out themselves while shopping in stores via the app.
U.S. airlines ended the session mixed after President Trump hinted more financial assistance is on the way for the industry.
Eastman Kodak Co. disclosed quant hedge fund D.E. Shaw has amassed a position of 3.94 million shares, good for a 5.2% stake. Kodak remains under a U.S. Securities and Exchange investigation related to its disclosure of a $765 million loan to aid its pivot in the generic drug business.
Looking at commodities, gold posted modest gains, climbing to $1,968.20 an ounce, and West Texas Intermediate crude oil added 15 cents to $42.76 per barrel.
U.S. Treasurys slid, causing the yield on the 10-year note to climb to 0.672%.
In Europe, Germany’s DAX edged up 0.22% while France’s CAC slipped 0.18%. Britain’s FTSE was closed for holiday.
Asian markets finished mixed with China’s Shanghai Composite advancing 0.44%, Hong Kong’s Hang Seng ticking up 0.03% and Japan’s Nikkei slipping 0.01%.
