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.

Major Averages

• 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.

Top Stories

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.

Related Link: JPMorgan Chase & Co., Other Financial Stocks Strong During Market Retreat

There will be little upside to owning Alibaba Group 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.

Stock Movers

Glimcher Realty Trust GRT shares shot up 29.8 percent to $13.75 after Washington Prime Group Inc WPG announced its plans to acquire Glimcher Realty Trust for $4.3 billion in a stock and cash deal.

Entropic Communications, Inc. 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 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 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 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.

Commodities

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.

Global Markets

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.

Currencies

The U.S. dollar traded sharply lower following last week’s 52-week high. The PowerShares ETF 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.