S&P 500, Dow up as rising treasury yields boost banks

Stocks rise lifting the Dow and S&P 500 to record highs

Stocks rise lifting the Dow and S&P 500 to record highs

The Dow and the S&P 500 hit record highs on Thursday, clearing away investors' immediate concerns over trade at the start of this week and leaving Wall Street free to return to a rally that now dates back a decade.

A wave of buying sent USA stocks solidly higher on Wall Street Thursday, pushing the Dow Jones Industrial Average above the all-time high it closed at in January.

According to CNBC, the Dow rose 219 points Thursday with the S&P 500 also breaking its previous record.

Amazon.com slid 0.8 percent as European Union regulators looked into whether the largest online retailer was using merchant data to stifle competition. Oil prices have remained close to four-year highs as countries prepare for U.S. sanctions against Tehran that will effectively cut off Iranian production for much of the world.

Banking shares were big winners Wednesday, helping to lift the Dow and S&P 500 amid lingering uncertainty over key United States trade conflicts. She notes that shares of industrial companies are 3.4 percent higher this month, while the materials sector and financials are up 1.5 percent and 1.3 percent, respectively. Apple gained 0.8 percent to $220.03, while Microsoft climbed 1.7 percent to $113.57.

The rally reflected a market that seems to have taken the ongoing trade dispute in stride, after both countries announced impending tariffs on bilaterally-traded goods earlier in the week.

"We know that the (tariffs) are not going to hurt because orders for Christmas goods have already been delivered", said Gregori Volokhine, president of Meeschaert Financial Services.

The dollar fell 2.0 percent against a basket of major currencies and held over 10 week lows.

ENERGY: Benchmark U.S. crude fell 12 cents to $70.20 per barrel in electronic trading on the New York Mercantile Exchange.

Volume on US exchanges was 6.52 billion shares, compared to the 6.23 billion average over the last 20 trading days.

The Japanese yen sank 0.1 percent to 112.41 per dollar.

Among other stock moves, Under Armour rose 5.6 percent, the most on the S&P, after the sportswear maker said it would cut about 400 jobs as part of efforts to cut costs to compete with Nike and Germany's Adidas in North America. The S&P 600 closed at 1,079.92 for a gain of 9.62 points or 0.90%. The VIX Volatility Index was higher at 11.89 for a gain of 0.14 points or 1.19%. Cardinal Health rose 2.3 percent to $55.17.

Gold rose 0.3 percent to $1,207.28 an ounce. Brent crude, used to price worldwide oils, dropped 0.9 percent to close at $78.70.

Meanwhile, tech-heavy Nasdaq Composite Index underperformed during the opening hour of trade, losing over 6-points to 7,950, and might now become a headwind for any further intraday up-move, at least for the time being.

LME copper fell 0.6 percent to $6,082.00 a metric ton.

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