If at first you don’t succeed, try, try, try again.
US stocks opened higher on Tuesday with two of the three main indices having another go at setting new all-time highs again.
After a choppy session on Monday in which stocks struggled for direction before ending the day slightly lower, the S&P 500 climbed 0.2 per cent high at the market open to 2,184.59 – or less than 1 points away from topping the intraday record of 2,185.44 set just yesterday.
The Dow Jones Industrial Average is up 0.2 per cent, while the Nasdaq rose 0.3 per cent to 5,226.7, leaving it also just 6 points shy of beating its intraday high of 5,231.94 from last July.
Consumer staple and consumer discretionary stocks led the market higher. However the gains were offset by declines in utilities. US utilities has been one of the best performing sector this year as investors sought out their solid dividend payments. But with risk appetite recovering following Friday’s bumper nonfarm payrolls data and demand for its member companies have taken a hit.
The day’s gains came despite new data showing that nonfarm productivity have fallen for a third straight quarter.
Optimism over the strength of the US economy have not only help send equities higher. The Vix index – measure of expected volatility for US stocks – has also retreated to a two year low.
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