Nasdaq Takes New High As Dow, S&P 500 Fade Into Closing Bell

Nasdaq Takes New High As Dow, S&P 500 Fade Into Closing Bell

US stock indexes bobbed a bit further into record territory Tuesday, May 9, 2017, joining a smooth rise higher for markets around the world.

At 11:03 a.m. ET the Dow Jones Industrial Average was up 8.97 points, or 0.04 percent, at 21,021.25, the S&P 500 was up 2.03 points, or 0.08 percent, at 2,401.41 and the Nasdaq Composite was up 23.57 points, or 0.39 percent, at 6,126.23.

The broad-based S&P 500 finished up a hair at 2,399.38, while the Nasdaq Composite Index added 1.90 points (0.03 per cent) at 6,102.66.

The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were 0.1% lower Tuesday.

Hertz Global Holdings sank $2.11, or 14.2 percent, to $12.80 after reporting a larger loss for the last quarter than analysts expected. The South Korean market was closed as voters elected a new president.

Since Donald Trump's election in November the S&P 500 has risen almost 14 percent, raising questions about market valuations. George, considered one of the most hawkish members of the Fed, also thinks the Fed should begin reducing the balance sheet this year, causing Treasury yields to inch up further. Utilities lost 0.6 percent and real-estate stocks lost 1.1 0.5 percent. Now, with bonds beginning to pay more interest, demand for dividends has dulled a bit.

Energy stocks were among the best performers in the S&P 500, rising 0.7%.

Analysts said United States markets were pressured by Chinese data showing slower export growth in April than in the previous month.

The Vix, Wall Street's "fear gauge", hit 9.57 points, the lowest since late 2006, a day after closing at its lowest level in over two decades. The dollar rose to 114.28 Japanese yen from 113.07 yen, and the British pound slipped to $1.2927 from $1.2943. The US unemployment rate fell to 4.4% in April-less than the forecasted 4.6%.

Some pharmaceutical stocks fell with Eli Lilly dropping 2.2 percent, Celgene 3.3 percent and Mylan 1.4 percent. Brent crude, the worldwide standard, rose 24 cents to settle at $49.34 a barrel.

The S&P 500 energy sector rose 1.6% on Friday amid a recovery in crude oil prices from five-month lows.

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