Stocks hold near records as banks rally after dividend hikes
Where to invest as markets surge
Sarge986 president Stephen Guilfoyle gives his stock picks — including tech, renewable energy.
U.S. equity markets moved higher Tuesday as the major averages remained near record highs.
|I:DJI||DOW JONES AVERAGES||34378.8||+95.53||+0.28%|
|I:COMP||NASDAQ COMPOSITE INDEX||14518.920703||+18.41||+0.13%|
The Dow Jones Industrial Average gained 172 points, or 0.5%, while S&P 500 rose 0.16% and the Nasdaq Composite was little changed.
The mixed session comes as investors await the latest readings on consumer confidence. National home prices, meanwhile, rose 14.9% annually, the most since recordkeeping began in 1987.
|GS||THE GOLDMAN SACHS GROUP, INC.||372.21||+3.88||+1.05%|
|JPM||JPMORGAN CHASE & CO.||154.96||+0.53||+0.34%|
In stocks, big banks, including Morgan Stanley and Goldman Sachs Group Inc., announced dividend increases Monday evening, just days after passing the Federal Reserve’s annual stress tests. Citigroup Inc., meanwhile, failed to increase its payout to shareholders.
BIG BANKS HIKE DIVIDENDS AFTER PASSING FED'S STRESS TEST
In addition to increasing its dividend, JPMorgan Chase & Co. announced plans to buy OpenInvest, a fintech startup that helps financial advisers invest in environmental, social and governance portfolios.
Elsewhere, Facebook Inc. looks to hold a $1 trillion market capitalization after closing above the level for the first time on Monday. Apple Inc., Microsoft Corp. and Google-parent Alphabet Inc. are the only other U.S. companies to top that mark.
Tesla Inc. had its price target lowered to $660 from $730 at UBS due to concerns of increasing competition and production delays.
|UAL||UNITED AIRLINES HOLDINGS, INC.||52.33||-0.16||-0.30%|
United Airlines Holdings Inc. will buy 200 Boeing 737 MAX jets and 70 Airbus A321neo jets in its largest order ever. Deliveries will begin in 2023 and continue through 2026.
|MLHR||HERMAN MILLER, INC.||45.04||-2.91||-6.07%|
In earnings, furniture maker Herman Miller beat on both the top and bottom lines but gave current quarter earnings-per-share guidance that was below Wall Street estimates.
In commodities, West Texas Intermediate crude oil rose 42 cents to $73.33 a barrel and gold declined $25.40 to $1,755.30 an ounce.
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Overseas markets were mixed with strength in Europe and weakness in Asia.
Germany’s DAX 30 paced the gains in Europe, trading up 1.18%, while France’s CAC 40 advanced 0.6% and Britain’s FTSE 100 jumped 0.53%.
In Asia, Hong Kong’s Hang Seng index fell 0.94%, China’s Shanghai Composite lost 0.92% and Japan’s Nikkei 225 slid 0.81%.
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