Wall Street stocks hit fresh record highs on Tuesday as traders watched a confirmation hearing for Jay Powell and as president Donald Trump was set to meet with Senate Republicans.
The S&P 500 rose 0.2 per cent to 2,606.12 — driven by a 0.6 per cent rise in energy shares and offset by a 0.1 per cent slide in telecoms. The Dow Jones Industrial Average climbed 0.3 per cent to 23,646.14. Both benchmark indices hit new all-time highs. Meanwhile, the Nasdaq Composite edged up 0.1 per cent to 6,885.60.
The moves come during the Senate Banking Committee’s confirmation hearing for Jay Powell, US President Donald Trump’s nominee to succeed Janet Yellen as Federal Reserve chair.
Investors also await headlines out of Washington where President Trump is set to meet with Democratic Congressional leaders Chuck Schumer and Nancy Pelosi on a spending bill, though he indicated ahead of the meeting that they are unlikely to strike a deal. He is also slated to meet with the Republican Senate Caucus and then later meet with “Congressional leadership” at the White House ahead of tax reform vote that could come as early as this week.
Investors also parsed through data that showed US home prices rising at their fastest annual pace since 2014.
Elsewhere in markets, the dollar index, a gauge of the buck against a basket of peers, rose 0.2 per cent to 93.04, while the yield on US 10-year Treasuries slid 0.9 basis points to 2.319 per cent.