Nasdaq hits record high while S&P 500 inches lower

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Gains in technology stocks on Tuesday allowed the Nasdaq Composite to add 0.3 per cent to another all-time closing high, while the S&P 500 inched off its most recent record set on Monday.

In a listless day of trading, the Nasdaq Composite added 17.9 points to 6,120.59 by market’s close, while the S&P 500 fell 2.5 points to 2,396.91 after breaching the 2,400 intraday level for the first time.

In the wake of Emmanuel Macron’s victory in the French election and growing expectations of a US interest rate rise, the two indices have hovered at record highs as investors’ appetite for riskier assets has ticked higher.

However, some stock gains were trimmed as oil prices fell off of gains on Monday. The US benchmark West Texas Intermediate fell 1 per cent to $45.96 a barrel, while Brent crude dropped 1.1 per cent to $48.79.

The 10-year US Treasury note’s yield, which moves inversely to price, hit its highest point in nearly six weeks, adding 0.5 basis points at 2.392 per cent, while the price of gold, another so-called safe-haven asset, dropped 0.5 per cent to an eight-week low at 1,220.29. The US dollar index, which measures the buck against a basket of its peers, added 0.53 per cent to 99.59.

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