Dow Makes Record High As Volume Picks Up
The Dow Jones Industrial Average made a new high Tuesday by reaching 17,167 points, more than a triple-digit gain on the day.
- The Dow Jones Industrial Average rose 100.8 points, or 0.6 percent, to 17,132.
- The S&P 500 climbed 14.9 points, or 0.8 percent, to 1,999.
- The Nasdaq Composite gained 33.9 points, or 0.8 percent, to close at 4,553.
Casino stocks were once again of the hardest hit on Wall Street following additional concerns for businesses in Macau. A typhoon glazed the city, flooding parts of the downtown, and analysts at Wells Fargo said September gaming revenues will be lower than initially anticipated.
There will be little upside to owning Alibaba Group (NYSE: BABA) stock in its first month of trading, according to an investor survey by ConvergEx Group. Only 33 percent of investors sampled think shares will gain 10 percent or more.
Glimcher Realty Trust (NYSE: GRT) shares shot up 29.8 percent to $13.75 after Washington Prime Group Inc (NYSE: WPG) announced its plans to acquire Glimcher Realty Trust for $4.3 billion in a stock and cash deal.
Entropic Communications, Inc. (NASDAQ: ENTR) shares were also up, gaining 7.3 percent to $2.94 after the company announced its plans to explore strategic alternatives and lowered its third quarter forecast.
Shares of Lehigh Gas Partners (NYSE: LGP) were down 3.1 percent to $34.30 after the company priced 3.6 million units at $33.99 per unit for net proceeds of $117.4 million.
Analogic Corporation (NASDAQ: ALOG) shares tumbled 3.8 percent to $68.80 after the company reported weaker than expected fourth quarter revenue. However, the company reported upbeat quarterly earnings. Brean Capital downgraded Analogic from Buy to Hold and removed the price target of $95.00.
Alcoa Inc (NYSE: AA) was down, falling 1.4 percent to $16.16 after the company reported a proposed public offering of 25 million in mandatory convertible preferred shares.
Energy prices shot higher Tuesday for one of the largest gains of the year. WTI crude futures were last up 2 percent to $94.78.
Precious metals were mostly flat for the day. At last check, COMEX gold futures were up 0.05 percent to $1,235.70. Silver contracts gained just 0.51 percent to $18.72 near the close of equities.
Despite the strong domestic open, Asian markets sharply sold off in Monday night’s trading. The Shanghai index fell 1.8 percent with Hong Kong's Hang Seng down 0.9 percent. Japanese markets were also down, with the Nikkei dropping 0.2 percent.
European markets also traded lower. The Euro Stoxx index, which tracks 50 eurozone blue chips fell 0.3 percent percent. London's FTSE gave up 0.2 percent and France's CAC was down 0.4 percent.
The U.S. dollar traded sharply lower following last week’s 52-week high. The PowerShares ETF (NYSE: UUP) that tracks the performance of the greenback versus a basket of foreign currencies fell 0.18 percent to $22.39.
The closely watched EUR/USD pair gained 0.15 percent on the dollar’s weakness to $1.2960.
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